
:nt of commerce an 

BUREAU OF STATISTICS 



MOVEMENT OF WHOLESALE PRICES 



IN 



GREAT BRITAIN AND THE UNITED STATES 




[From the Summary of Commerce and Finance for June, 1904] 



O. P. AUSTIN, Chief of Bureau 




WASHINGTON 

\nment printing office 

/ 1 9 Q 4 



/ 



IB 231 
U4 
.904 
•«py 1 



4^- 






MOVEMENT OF WHOLESALE PEICE8 



f 



IN 



GREAT BRITAIN AND THE UNITED STATES 



D. ofD. 






CO^TEIsTTS 



Movement of Prices in Great Britain: Page. 

Summary of index numbers 4670 

Monthly variations of forty-five commodities 4680 

Monthly fluctuations of the index numbers of forty-five commodities, 1885-190:3 4<i,xo 

Comparison of changes by classified groups 4680 

Review of changes in principal commodities 4681 

Quarterly movement of prices— summary of index numbers, 1NN9-1903 4682 

The precious metals and rates of discount 4683 

International conditions in 1903 4683 

Movement of production and import values 4iiS4 

Movements of forty-live commodities in the United Kingdom ( production and imports) 4684 

Construction of the tables 4685 

Average prices of commodities, 1880-1903 — 

Vegetable food 4686 

Animal food 4687 

Food 4688 

Minerals 4689 

Textiles 4690 

Sundry materials 4691 

Wholesale prices of commodities, mainly in London and Manchester — 

( I ) Colonial and tropical produce 4«».'! 

(II) Wheat, potatoes, and butcher's meat 4693 

(III) Raw materials of manufacture 4694 

(IV) Metals 4695 

( V ) Manchester markets 4696 

(VI) Bank returns and rate of interest 4696 

Wholesale prices, 1845-1903 — proportionate results 4697 

Course of Relative Prices in the United States, 1840-1903: 

Aldrich report on course of relative prices from 1840-1891 4698 

Relative wholesale prices in gi ild, by groups of articles, 1840-1891 4698 

Bureau of Labor report on the course of relative prices, 1890-1903 4699 

Summary of relative prices of 261 commodities, 1890-1903, by groups 4699 

in 



MOVEMENT OF WHOLESALE PRICES IN GREAT BRITAIN. 



By A. Sauerbeck. 

[Reprinted from the reports of the London Statistical Society.] 



The following table shows the course of prices of forty-five commodities during- the last twenty-six years as 
compared with the standard period of eleven years, 1867-1877, which in the aggregate is equivalent to the average 
of the twenty-five years 1853-1877. (See Journal of the London Statistical Society, 1886, pages 592-648; 1893, 
pages 220-247; and 1904, pages 81-99.) 

Summary of Index Numbers, a 



[Groups of articles, 1867-1S77=100.] 





FOOD. 


MATERIALS. 


Total 
food and 
mate- 
rials. 


Silver.!' 


Wheat 
harvest, c 


Average 

price of 
consols.d 


Average 

Bank of 
England 

rate. 1 ' 


YEARS. 


Vegeta- 
ble food 
(corn, 
etc.). 


Animal 
food 
(meat, 
etc.). 


Sugar, 
coffee, 
and tea. 


Total 
food. 


Minerals. 


Textiles. 


Sundry 
mate- 
rials. 


Total 
mate- 
rials. 


]S7S \ 


95 
87 
89 
81 
84 
82 

71 
6 J 
G.i 
64 
67 

65 

65 
75 
65 
59 

55 
54 
53 
60 
67 

CO 
62 
62 
63 

C2 


101 
94 
101 
101 
104 
103 

97 
88 
87 
79 
82 

86 
82 
81 
84 
85 

80 
78 
73 
79 

77 

79 
85 
85 
87 
84 


90 
87 
88 
84 
76 
77 

63 
63 
60 
67 
65 

75 
70 
71 
69 
75 

65 
62 

59 
52 
51 

53 
54 
46 

41 
44 


96 
90 
94 
91 
89 
89 

79 
74 
72 
70 
72 

75 
73 
77 
73 
72 

66 
64 
62 
65 
68 

65 
69 

07 
67 


74 
73 
79 
77 
79 
76 

CS 
66 
67 
69 
78 

75 
SO 
76 
71 

6S 

64 
62 
63 
66 

70 

92 
10S 
89 
82 
82 


78 
74 
81 
77 
73 
70 

68 
65 
63 
65 
64 

70 
66 
59 
57 
59 

53 
52 
54 
51 

51 

58 
66 
60 
61 

CO 


88 
85 
89 
86 
85 
S4 

81 
76 
69 
67 
67 

68 
69 
69 
67 
68 

64 
65 
63 
62 
63 

65 
71 
71 
71 
69 


81 
78 
84 
80 
80 
77 

73 
70 
67 
67 
69 

70 
71 
68 
65 
65 

60 
60 
60 
59 
61 

70 
80 
72 
71 
72 


87 
83 
88 
85 
84 
82 

76 
72 
69 
68 
70 

72 
~1 
72 
68 
68 

63 
62 
61 
62 
61 

68 
75 
70 
69 
69 


86.4 
84.2 

85.9 
85.0 
84. 9 

83.1 

83.3 
79. 9 
74.6 
73. 8 
70.4 

70.2 
78.4 
71.1 
65. 1 
68. 6 

47. 6 
4'.'. 1 
50.5 
45.3 
44.3 

45.1 
46.4 
41.7 
39. 6 
40.7 


10S 
64 
93 
97 

100 
93 

103 
108 

93 
110 

96 

103 

106 

108 

91 

90 

106 

91 
111. 
100 
120 

113 
99 
106 
113 
104 


;>7 

100 
100J 

101ft 

101 
99 
LOW 
101} 
101 

98 
96J 

95} 
90} 

98 J 

101 
106$ 
111 
112J 

111 

107 

99 i 
94 
94j 
90} 


33 
2* 
2} 
34 


1879 


1880 . 


18i 1 


1882 






3,"- 




1884 




1885 . 










18 17 


3ft 
3ft 


1 




3& 

4 ■ 







189] 




189 


2 


1893 


9 1 


1 i 




2 




o s 




zg 


r 9 




i 


3} 
4 




1901 


3} 
3} 


190 ■ 


1903 






Average, 1894 1903 



1SS4-.893 


CO 
62 
66 
79 


81 
81 
85 
95 


53 
66 
6S 
76 


66 

i 

74 

84 


7S 
70 
72 
73 


57 
59 
64 

71 


66 
66 
70 
81 


60 
65 
69 
76 


60 
67 
71 
79 


45.3 
61.0 
72 . 8 
82.1 


107 
101 
101 

97 


102} 
99 


3ft 



aThe index number of all the groups of articles as given in the table was 100 for the years 1867-1877. This number is exactly the same as the average 
number for the twenty-five years from 1853 to 1877, during which time the new gold : appear to have had an effect upon prices. Therefore a comparison 

of thi prices of all commodities in a certain year, with the eleven years from 1SG7 to 1877, is equivalent to a comparison of the whole twenty-live year-: 

from 18 

'•>il\vr 6ff.84d. per ounce=100. 

e Wheat harvest in the United Kingdom, 1878-1883, 2S bushels per acre=100; from 1884. 29 busheis=100. 

^Consols and bank rate actual figures, not index numbers; consols 2j per cent from 1889, 2} per cent from April, 1903. 



No. 12- 



4C79 



4680 



MOVEMENT OF WHOLESALE PIUCES LN T GEEAT BEITAIN. 



[June, 



MONTHLY VARIATIONS OF FORTY-FIVE COMMODITIES. 

The index number of all commodities was 69 last year, or the .same as for the preceding year, though a more 
exact calculation with a decimal added would have made it 69.5 in both years. It was about 31 per cent below 
the standard period 1867-1877, and 12£ per cent below the ten years 1878-1887, but about 5 per cent above the 
average of the last ten years. 

Minerals were on the average unchanged last year; corn, animal-food products, and sundry materials were 
somewhat lower, but textiles, sugar, and tea were higher. 

Monthly Fluctuations op the Index Numbers of Forty-five Commodities (1807-1877=100). 



YEAHS. 


.Tan. 


Feb. 


Mar. 


Apr. 


May. 


June. 


July. 


Aug. 


Si pi 


Oct. 


Nov. 


Dec. 


Year.a 


1885 


72 3 
70.0 
69. 5 
70.9 

72. 6 

73. 2 
71.1 
70.0 

68 I 

' 

60 i) 

1 : 

62, 8 

74.0 

68. S 
69 


72.6 
70. '5 
6S 5 
70.0 

7.;,:. 

7- 7 
7l! 5 
70.0 
69.0 
65.0 

60.0 
61.* 
61.9 

65.8 

75. 1 
71.7 
68.9 
70.2 


72. 5 
70.1 
68 3 
69.9 
72. 1 

71.5 
71.7 
6'J. 1 

68. 1 

61 ! 

60 B 
60.7 
61.9 

65. 6 

75. 7 
71.0 

69. 2 

70. -1 


72. 5 
69.2 

68. 1 
69.8 

72. 

71.2 
72. 4 
68.9 
67 1 

61.7 

61.5 
65. 5 

66. 1 

75.6 
70.6 
69.7 

69. I 


73.3 
09.1 
68.2 
68. 1 
71.4 

70. s 
72.8 
68. 8 
67 4 
63.1 

62. 5 

60.1 
61.2 
i 6 
66.6 

75.5 
70. 5 
70.9 
69.6 


72.7 

68. 7 
67. 9 
67.4 
71.6 

70. 5 
71.8 
67.7 
07. 1 
63. 1 

62.4 

61.3 

lil. 7 

75. 7 

69. 8 
70.4 
69.5 


72.2 
68.8 
68. 1 

69 ii 
72.6 

71.2 
71.6 

1,7. s 
1.7.7 
62.6 

62. s 
59. 2 
61.7 
64.3 
67. 9 

76. 2 
69.5 
70.0 
69.5 


72.2 

oi!i 

68.3 

70, 1 
71.4 

72.8 
71.9 

67. 4 
117.1 
63.0 

63. 3 
59 7 
63.2 
64.0 

68. 3 

76. 

69. 8 
69.5 
70.0 


71.1 
68. 9 
68. '-' 
71.9 
72.1 

72.2 
71.7 
66. 8 
68.2 

62.7 

63.5 
61.3 
63.4 

63.9 

70.0 

75.5 
69.6 
69 3 
69. 1 


70.4 
68.8 
I •- 7 
72. 1 
72.1 

72. '1 
70.7 

7 1 

68.6 

i.l.T 

63.3 
62. 6 
62.7 
i 3. 6 
71.5 

74.7 
69.6 
68.8 
69.0 


71.1 
69. s 
69. 1 

72.7 
73.7 

71.2 
71.4 
68.2 
67.8 
60.8 

62. 3 
62. 6 
62. 1 
63.9 
71.6 

73.9 
69. 
6S.6 
69.0 


70. S 
69. 5 
72. i 

73. 2 

7;:. 7 

71.1 
71.4 
67.7 

i,7.li 
00. 1 

61.2 
62. 
62. 4 
63.8 
72. S 

73.4 
68. 1 
69. 1 
70.0 


72 




69 




1887 .. 


68 


1888 


70 


1889 


72 


1890 


72 




72 


] v> 


08 


1893 




1S9 4 


63 


IV 15 


62 


1896 


61 


I sit .. 


62 


1898. . 


|>1 


1899 


68 


1900 


75 


1901 


70 


190 ' 


69 


1903 


69 







twelve monthly figures of each year do not in all casus exactly (in the dei Loia I agree with the annual averages, the latter having been calculated in part 
from revised figures. 

Prices in the aggregate, as illustrated by the index numbers, have only experienced slight variations in the 
course of the year, though the movements of some particular commodities have been more important." 

COMPARISON OF CHANGES BY CLASSIFIED GROUPS. 

Taking articles of food and materials separately, the index numbers compare thus (1867-1877=100): 





AVERAGE. 


COMPARATIVE FLUCTUATIONS. 


GEI il PS 


1S7S-18S7 


1SSS-1897 


1892-190] 


December, 
1889 


February, 
1895 


July, 

1896 


December, ' February, 
1899 1900 


De& mber, 
1900 


December, 
1901 


December, 
1902 


December, 
1908 




si 
76 


70 
65 


67 
65 


73.1 

71,2 


63 
67.0 


60.0 
58. 6 


i 
65.1 1 65.8 
77.6 ' 81.9 


69. 2 
76. 5 


66.1 
70.0 


66. 2 

7'. 3 


65.3 




73.4 







Articles of food were at the end of the year 1-i- per cent and materials 3 per cent lower than in December, 1909. 
The position of the six separate groups of commodities at the end of the last three years, in comparison with 
former periods, is illustrated by the following index numbers (1867-1877=100): 



GUel'l'S i'F COMMODITIES. 



Vegetabli food 1 1 orn, etc.) 

Animal food i meat and butter). 

Sugar, coffee, and tea 

Minerals 

Textiles 

Sundry materials 



ATERAiiE. 



1878-188! 



1881-1898 



1891-1903 



FLUCTUATIONS. 



December, 
1901 



63.2 
83.1 
42.0 
80.6 
58. 2 
71. s 



December, 
1902 



01.9 
SI 7 
42.2 
82. 3 
62. 1 
70.9 



1 irrrliil,, ['. 

1903 



Inc. (+) or 

dec. (— ) in 

1903 



61.6 
80.7 
45.7 
82.0 
70.5 
70.1 



+13 
- 1 



a In January, 1904, the index number was 70.4, and in February 70.8. 



]90i.] MOVEMENT OF WHOLESALE PRICES IN" GREAT BRITAIN. 4681 

REVIEW OF CHANGES IN PRINCIPAL COMMODITIES. 

CORN, WHEAT, ETC. 

Corn shows scarcely an} T change. English wheat was affected by the inferior quality of the new crop, 
while best flour and foreign wheat maintained their values, and ruled on the average a little higher than in the 
previous year. Barley, oats, and maize were all lower, but potatoes were higher. 

MEATS. 

Beef, pork, and bacon were appreciably cheaper than in the high year 1902, but mutton improved to some 
extent. At the close of 1903 animal-food products stood about on a par with the average of the last decade. 

SUGAR. ' 

The average price of beet sugar in 1903 was Ss. 3d. per cwt. f. o. b., against Gs. 9d. in the decade 1891-1903; 
of Java, 9s. 9d. per cwt., against 8s. 6d. and lis. (id.; of French loaves, lis. 9d. per cwt. f. o. b., against 10s. 
and 12s. 9d. respectively. At the end of the year beet sugar was worth 8s. 5d. per cwt. f. o. b., against Ss. 2d. 
in 1908. 

COFFEE. 

Coffee was on the average a little lower than in the previous year; the Santos standard opened at 2Gs. per 
cwt., touched 24s. in June, the lowest on record, improved since August, and closed at 35s. per cwt. Tea ruled 
about one-half pence per pound higher. 

IRON. 

Iron had only moderate fluctuations, but realized on the average less than in 1902; the closing quotations 
were 49s. 9d. per ton for Scotch pig against 53s. 3d. at the end of 1902, and 42s. 7d. for Middlesborough 
against 46s. 5d. 

COPPER AND TIN. 

Both copper and tin were dearer, the former being manipulated by America. Copper closed at .£56!- per 
ton. against £52f; tin at £132! per ton. against £1201 at the end of 1902. 

COAL. 

Best house coal in London declined from 19s. per ton in December, 1902, to 17s., but the average export 
value of coal for the whole year was only 8d. cheaper, viz, lis. 8d. per ton against 12s. 4d. in 1902, 13s. lOd. 
in 1901, and 16s. 9d. in 1900. 

MINERALS. 

The December index number for minerals combined was still well above the average for the last twenty-six 
years. 

TEXTILES. 

Among textiles there were violent fluctuations for cotton; American rose from 4.64d. per pound to 7.12cl. in 
June, dropped to 5.74d. in October, touched 7.50d. on December 29, the highest since 1880, and closed at 6.96d." 
Flax had a strong rise during the last quarter, jute sold on the average above 1902, but hemp was cheaper. "Wool, 
particularly the coarser qualities, and silk were dearer, on the average, owing to smaller supplies. 

SUNDRY MATERIALS. 

Among "sundry materials," 1 linseed oil and tallow were considerably cheaper; petroleum, though much 
higher during the last quarter than in the early part of the year, was on tin average about on a par with 1902. 
Indigo remained very depressed, while other sorts call for little comment. 

The quarterly numbers show the average of three monthly figures, and by thus eliminating minor fluctuations 
they give a more reliable comparison of the gradual changes of the various groups of commodities. Last year's 
fio-ures indicate the fall of corn and animal food in the last quarter, the gradual decline of minerals, and the 
steady advance of textiles and of the group of sugar, coffee, and tea. 

" The price reached 9d. on February 2, 1904, the highest since 1873; declined during the next few days, until it reached 6.94d. on 
February 10. After fresh fluctuations the closing quotation at the end of February was 8d. per pound. 



4682 



MOVEMENT OF WHOLESALE PEICES LN GREAT BRITAIN. 

Quarterly Movements of Prices" — Summary op Index Numbers (1806-1877=100). 



[June, 





Quarters. 


FOOD. 


MATERIALS. 


Grand 
total. 




YEARS. 


ble food 
(corn, 


Animal 

food 

(meat, 

etc.). 


Sugar, 
coffee, 
and tea. 


Total 
food. 


Minerals. 


Textiles. 


Sundry 
materials. 


Total 
materials. 


Silver.6 




IV 

I 

II 
III 
IV 


66.3 

63. 7 
62 8 
67 2 

1.7. 1 


86.0 

86.3 
&.0 

80.6 
82.0 


07.2 

CS.6 
69.8 
73.1 
71.2 


73.1 

73.1 
71.6 
73.4 
73.6 


83.9 

80.6 
78.3 
81.7 
80.5 


70.7 

69.1 
66.7 
64.6 
62. 7 


68.1 

68.7 
67.8 
69.2 
69.5 


73.2 

72.0 
70.3 

71.1 
70.4 


73.2 

72. 5 
70. 8 
72.1 
71.7 


71.4 




- i 


72.6 
77.2 
85.1 
79. 6 


189] - 


I 

II 
III 
IV 


71.0 
77.8 
75.5 
77.2 


7S.9 
80.1 
83.0 
80.8 


74.1 
72. 2 
70.4 
68.7 


74.5 
77.5 
77.2 
76.7 


78. 1 

77.7 
76.6 
73.9 


61.2 

59.2 
58.4 
58.6 


C9.3 
69.5 
68. 9 
69.0 


C9.2 
6 .( 

G7.7 
C7.1 


71. 4 

72. 3 
71.7 
71.2 


74.4 
73.6 
74.5 
72.1 


1S92 1 


I 
II 
III 
IV 


70.6 
67.6 
64.2 
60.7 


82.7 
83.1 
85.9 
83.6 


69.1 
66.6 
6S.2 
72.7 


74.8 
73.0 

73.0 

71.7 


72.2 
73^4 
70.7 
69.5 


59.2 

57.0 
53.2 
57.3 


67.1 

65. S 
65.6 
67.4 


66.0 

' 5. - 
63.2 
64.9 


69.7 
68.5 
67. 3 
67.7 


67.4 

63. 2 
64.0 


1S93 


I 

II 
III 

IV 


59.0 
59.7 
58. 9 
58.6 


S4.3 
83.0 
86. 1 
83.2 


75.2 
78.9 
74. 
70.5 


71.8 
72.3 
72. 1 
70.2 


67.0 
63.8 
C7.4 
72.3 


59.8 
67.7 

7.7. 7 
58.7 


70.3 
68.2 
67.7 
67.2 


CC.2 

63 e 

64.6 

00. 


68. 5 
67. i 
67. 7 
67. 8 


G3.0 
6S.8 
55.1 


1S91 ] 


I 

II 
III 

IV 


57.0 
54.4 
51.8 
53.2 


80.3 
79. 7 

7S.4 


69.0 
66.8 
63. 8 
60.8 


68.1 
66.3 
66.1 
64.1 


65.8 
C2.9 
G3.0 
62.3 


56.8 
55.3 

53.0 
48.2 


65.1 
i I 3 
63.9 
63.5 


62.7 
61.1 
60. 3 

58.5 


65.0 

' ' 3 
62.8 
60.9 


47.3 
-17.2 
48. -1 
40. 6 


1895 


I 
II 
III 

IV 


57.9 

53.7 
51.6 


77.3 
77.5 
80.3 
74.0 


61.3 
CO. 9 
61.2 
62.2 


61.2 
65.8 
65.1 
62.1 


60.8 
61.3 
63. 5 
63.8 


46. 5 

49.8 
54.6 
50. S 


63. 1 
65. 6 
C6.1 
65. 6 


57. 8 
69. 6 

C1.9 
62.4 


60.3 
62. 2 
63.2 
62.3 


46.4 
50.0 

60.5 


1S9G - 


I 
II 

III 

IV 


50.-1 
49.2 
50.5 
CO. 3 


71.7 
71.4 
75.2 
74.3 


62.8 
61.2 
56.6 
55.2 


60. S 
59.9 
60.9 

CI. 4 


C3.2 
62. i 
62.2 
65. 9 


55. 5 
53.7 
53.2 

51.1 


1 ! 5 
62.8 
02. 1 
62, 8 


CI. 4 
59.9 
59.4 
60.9 


61.1 
59.9 
60.1 

02. 4 


51.1 
51.1 
50.6 
49.1 


1897 J 


I 

II 
III 

IV 


57.5 
66.1 
62.1 
65.0 


77.3 
80.0 
80.1 
78. 1 


55.2 
52. 
61.0 
50.3 


64.3 
64.0 
66. 4 

CG.K 


65.8 
64.0 
65. 4 

CG.7 


r?.0 
51.5 
51.1 
4S.8 


02. 5 
62.3 
63.2 
62.3 


60.2 
59.4 
60.1 
59.3 


01.9 
61.3 

62.8 
C2.5 


4S.0 
45. 7 
41.5 
44.7 


J 


I 
II 
III 

IV 


67.0 

76.2 
65.0 
62. 1 


78.0 
75.0 
78. 1 
76.8 


50.5 
50.4 
51.3 


C7.fi 
70.3 
76.0 
65. C 


67.0 

9 
71.0 

7.".. ii 


49.4 
52. 1 
61.5 
50.4 


62.9 
64.5 
63.9 
63.3 


69. 9 
62. 1 
62.0 
62.5 


63.1 
65 5 
64. 1 
C3.8 


42.4 
44.1 




4.",. 1 
45. 5 


1S99 \ 


I 
II 
III 

IV 


61.4 
59.1 
59.4 
59.6 


78.8 
79.8 
79. 6 

77.4 


53.2 
54.5 
53.7 
53.6 


66.0 
65 - 
65.6 
64.8 


83 7 
89.2 

96.3 


52.8 
54.6 

57.5 
68.7 


62.6 
62.0 
61.4 
68. 7 


65.3 

67.1 
70.9 
76.8 


65. 6 

66.5 
6«.6 
71.8 


45, 1 
46.3 
44.9 


1900 


I 
II 
III 

IV 


CO. 2 

64.0 
63 7 


80.2 
87.5 
B6.1 
85.3 


53.4 
55.0 
65.9 
52.3 


06.2 
70.0 
70.5 
69.3 


107.9 
108.6 
111.0 
105.5 


70. C 
65. 4 
64.5 
60.9 


72.1 

71.-1 
71.1 
71.5 


81.3 
79.6 
79.8 
77.4 


74.9 
77,. 6 
75. 9 
7-1.0 


45.3 
45. 6 

47.0 
48.8 


1901 . 


I 

II 
III 

IV 


62.5 
< 

61.5 
62.3 


87. 1 
85. 2 
85.8 
84.1 


48. 6 
46. 5 

42,3 


68.7 
67.9 
66.7 

66.1 


94.0 

86.7 
83.9 


60.3 

59. C 
58. 2 


70.6 
70.9 

71.1 

72. 2 


73.7 
72.1 
71.7 
71.0 


71.6 
69. 


45.7 
41.9 




44.3 
42. l! 


1902 | 


I 

II 
III 

IV 


62.0 

63.2 
61.9 


81.3 
90 5 

84.9 


41.3 
39.6 
39 2 

41.7 


1 . . 

1.7.7 
CC.l 


82. 2 
83. 2 
82. 6 
82.3 


59. 6 
60.3 
61.7 
61.7 


72. 8 
7:' 7 
70.3 
70.1 


%2 


70.3 
69. 6 

i 


41.5 
39 2 

37.0 


1903 ] 


I 

II 
III 

IV 


61 . 6 
62.5 
64.0 
61.7 


86.9 
84.1 

81.7 


42.6 
42.9 
43.2 
45.1 


07. 
C6.4 
67.3 
65.6 


85. 7 

81.0 

SO. 3 


63.7 
65.6 
65.9 
67.9 


70.2 
69. 2 
68.7 
69.9 


72. 1 

71 - 
71.2 
72.1 


70.0 
| 1 
69 5 


-in. 1 

48. 6 



a The four quarterly fjgui ear do not in all cases exactly (in the vith the annual averages, as the latter are partly calculated from 

Royal Statistical Society, 1893, p. 221; 1895, p. 144 I and 1 — 



turn 
6 Silver 60.84d. per ounce=100. 



. 1901, p. 90.) 



The following figures show in each case the average index numbers of all the forty-five commodities for ten 
years. They give the best picture of the gradual movement of the average prices of whole periods, as the 
ordinary fluctuations are still further obliterated: 



1818-1S27.... Ill 

1S37 93 

1838-1847 

LS57 89 

1858-1867 90 

1868-1877 100 

1878-1887 79 



L882 1891 74 

LS92 72 

1884^1893 71 

1885-1894 69 

! 895 68 

1887-1896 6S 

1888-1897 67 



1889-1898 66 

1890-1899 66 

1900 66 

1892-1901 66 

1893-1902 66 

1894-1903 66 



From the decade 1889-1898 the average of ten years has constantly remained 6G. 



1904.] 



MOVEMENT OE WHOLESALE PEICES EST GEE AT BRITAE*. 

THE PRECIOUS METALS AND RATES OF DISCOUNT. 



4683 



The average price was 24fd. per ounce, against 24^. in 1902 and 27 T yi. in 1901. It stood at 
22id. per ounce (index number, 36.6) at the end of 1902, and touched again 21} ,\d. (index number, 35.6) in 
January, the lowest record of the previous years. Thanks to considerable purchases by the United Stales for 
the Philippine coinage (about 12,000,000 ounces), by France and her Eastern possessions (about 8,000,000 ounces), 
and toward the end of the year for the Indian mint (about 20,000,000 ounces), the price rose to over 24d. in 
April, to over 26d. in August, and touched 2S*d. in October. The metal realized about 27d. in November and 
closed at 26M. per ounce (index number, 42.9). It is generally expected that India will continue to buy for some 
time still, and the price will be kept up so long as an extra demand exists. 



The production in 1899 was estimated at £63,000,000; in 1900. at £52,000,000; in 1901, at £54,000,000; 
in 1902, at £62,500,000, and the total in 1903 was probably about £67,500,000. 



KATES OF DISCOUNT. 



The rate of discount in the three principal markets is shown in the following table (per cent and two decimals): 



YEARS. 


LONDON. 


PARIS. 


BERLIN. 


AVERAGE OF THE 
THREE MARKETS. 


Bank 
rate. 


Market 
rate. 


Bank 
rate. 


Market 

rate. 


Bank 
rate. 


Market 
rate. 


Bank 
rate. 


Market 
rate. 


1895 


Per cent. 
2.00 
2.50 
2.60 
3.25 
3.75 
4.00 
3.75 
3.30 
3.75 


Per cent. 
0.80 
1.40 
1.80 
2.00 
3.25 
3.70 
3.14 
2.96 
3.24 


Per a- nt. 
2.10 
2.00 
2.00 
2.20 
3.06 
3. 25 
3.00 
3.00 
3.00 


1.59 
1.75 
1.81 
2.07 
2.96 
3.17 
2.48 
2.43 
2.82 


Per cent. 
3.14 
3.66 
3.81 
4.27 
5.04 
5.33 
4.10 
3.32 
3.84 


Per cent. 
2. 02 
2.99 
3. OS 
■i. 56 
4.45 
4.41 
3.06 
2.19 
8.00 


Per cent. 
2.41 
2.72 
2.80 
3.24 
3.95 
4.19 
3.62 
3.21 
3.53 


Per cent. 
1.47 
2.05 
2.23 
2. 74 
3.55 
3.76 
2.89 
2.63 
3.02 


1S96 


1897 


189S 


1899 


1900 


1901 

1902 


1903... 









The average rates in 1895 were the lowest on record; those in 1900 were the highest since 1873. After a 
reduction in 1901 and 1902, last year's market rates were on the average again one-half per cent higher than in 
1902. 

INTERNATIONAL CONDITIONS IN 1903. 

The year 1903 can hardly be called a satisfactory one. It was free from actual crises, but nearly all the 
more important industries, ■ cially in this country, found reasons for complaints. Agriculture suffered greatly 
from the weather, the year having been the wettest on record, and the harvest was not only generally deficient, 
but the product was damp and inferior, and had to be sold at lower prices, <>i was not marketable at all. The 
iron trade and the engineering ami shipbuilding industries were not satisfactory, and shipping freights were 
very depressed. The great cotton industry was seriously affected by the disturbing influence of the American 
speculations and the gambling in futures, and the position of manufacturers was a very difficult one in the face 
of constant fluctuations and high prices. The wool trade was only partly prosperous, and the total consumption 
showed a falling off. The linen and jute industries were unsatisfactory. Employment was still worse than in 
the preceding year, particularly in the second half. A re! min j feature is to be noticed in the external trade 
of the country. The total ■ out the precious metals 103,000,000, and was both in value and 

quantity far beyond any previous experience. The exports of manufactures, taken separately, also exceeded any 
previous record. There was an increased demand for South America, South Africa, and India, but a decrease to 
Australia, China, and Japan. The total compares with about 6548,000,000 last year, the record of Germany, 
and with about £510,000,000, the record of the United States in 1903. 

The conditions in the United State • have greatly changed, but it is astonishing that the depression after the 
enormous "boom" has not been more serious. In Germany business has been gradually improving, and the 
employment of the working classes is better, but the real improvement is probably not yet so great as the bourses 
would like to make people believe. 

As to the production of commodities, we have to mention sufficiently large corn crops of the world, the 
deficiency iu several European countries having been balanced by ample and even extraordinary supplies in other 



4684 



MOVEMENT OF WHOLESALE PRICES IN GEEAT BRITAIN. 



[June, 



quarters, and large sugar and coffee crops. The production of iron was greater than ever— in the United States, 
1-8,00 1,000 tons; in Germany, 10,000,000 tons, and in the United Kingdom, about 8,500,000 tons. It is remark- 
able that of iron the United States alone produce now as much as the total world's supply only twenty-three 
years ago (1880), while in the great years 1872 and 1873 the world's production was only about 14,500,000 tons. 
Last year's total production must have exceeded 45,000,000 tons. The American cotton crop is estimated 
between under 10,000,000 and oyer 11,000,000 bales, and according to the more or less credited estimates the 
article is tossed about, the lower figure being an insufficient supply, the higher figure representing about the 
quantity required. The production of wool, which was much reduced last year, will show a further shortage. 

The stock exchange had a great fall for home and American rails, and a flat market for mining shares, but 
the feature of the year was the. continued depression of -gilt-edged securities, owing to the great increase in the 
debts of the State and municipalities which are not yet digested. Consols declined from 93 to 88, while French 
three percent rente was worth in Far is 99.5 at the end of 1902 and 97.1 at the end of 1903, the lowest price 
since 1894. German three per cents in Berlin, which had been so low as 84.9 in 1900, were quoted at 91.7 at 
the end of 1903 and 91.8 at the close of last year. 

Of other events there are still to be mentioned the tariff discussion in this country, which can only have 
been harmful to general business, the unsettled conditions in the near east, and. toward the end of the year, the 
clouds on the far eastern horizon. The war between Russia and Japan has since broken out, but it is as yet 
impossible to say what effect it will hayc on trade generally; it has no doubt caused a feeling of uncertainty, and 
will make people cautious, but apart from this the prospects of the year ought to be fairly good, as the large 
crops in Argentina, the greater purchasing power of India, and the recovery of Australia should go far to 
increase the demand for European manufactures. 

The arithmetical mean of the forty-five index numbers, which is 69 (the same as in 1902), lias, as in former 
years, again been subjected to two tests: 

First, by using the same index numbers of the separate articles, but calculating each article according to its 
importance in the United Kingdom on the average of the three years 1899-1901, when the mean for 1903 is 69.1, 
against To in 1902; or, on the average of the fiye years 1871-1875, when the mean for 1903 is 68.6, against 69 in 
1902. 

Second, by calculating the quantities in the United Kingdom at their actual values (the production on the 
basis of my price tables, the imports at board of trade values, and consequently a considerable portion according 
to a different set of prices), and at the nominal values on the basis of the average prices from 1867-1877. In 
this case the mean is 71, against 71.6 in 1902. 

MOVEMENTS OF PRODUCTION AND IMPORT VALUES. 

The figures for 1902 and 1903 are higher in this calculation than the ordinary index numbers, and this is 
principally due to the high export price of coal, but partly also to the declared values of imports having been 
rather higher than market prices. Coal is an article of enormous importance in this country, and if the quantity 
is taken into consideration it must haye a very great influence on such calculations. In the second test the 
calculation was only on the basis of the export prices, while in the first test (he mean between the two index 
numbers lor export prices and for London house coal was taken. As the mean is lower than the number of 
exports only, the influence was naturally smaller in the first test. 

Movements op Fokty-five Commodities in the United Kingdom (Production and Imports.) 



AVERAGE YEARS. 


Estimated 

actual value in 

each period. 


Nominal 
values at 
average prices 
ol 1866-1877, 
showing in- 
crease in 
quantities. 


MOVEMENT OF QUAN- 
TITIES. 


Movement of 

quantities from period 

to period. 


Ratio of 

prices 

according to 

tliis table 

(IS67-1S77 

=100). 


1 s I <-1 '-,'.0 
=100. 


1871-1875 
=100. 


184S-1S50 


and dec. 

219.8 
350.1 
456. 6 
548. 8 
537.8 
489.7 
445.7 

504. 1 
453.7 

562. 2 
562.7 
555.9 


Million £'s 
and dec. 
294.8 
3S2.7 
484.6 
526. 3 
638.4 
578.5 
610.1 
685.2 
723. 5 
775. 5 
785.5 
783.0 


100 
130 
164 
178 
183 
196 
207 
233 
245 
263 
206 
266 


66 
73 
92 
100 
102 

no 

116 
130 
137 
147 
149 
149 




74.6 

91.5 

94.2 

104.3 

99.9 

84.6 

73.0 

73.6 

62.7 

72.5 

f 71.6 

\ 71.0 


1859-1861 


30 per cent over 1849. . 
27 per cent over I860.. 


1S69-1871 


1871-1875 


1874-1876 




-1 


19 per cent overlS70.. 


1884-1886 


1889-1891 


18 per cent overlSSO.. 


1894-1896 


1899-1901 


13 per cent overlS90.. 
Il per cent over 1900. .. 


1902 


1903n 





a 1903 subject to correction after publication of the complete mineral produce returns. 



1904.] 



MOVEMENT OF WHOLESALE PRICES IX GREAT BRITAIN. 



4685 



The nominal values at the uniform prices of 1867-1877 show the exact movements of quantities in the 
aggregate. Last year's total is slightly less than in the previous year. The increase in 1889-1891 amounts to 
II per cent, and it is 19 per cent on 1S71-1875 and 166 per cent on 184S-1850. 

The price movements of the external trade of this country — total imports into the United Kingdom and 
exports of British and Irish produce — were as follows (1873 called 111 in accordance with my index number): 



YEARS. 


ToT.M. IMPORTS INTO UNITED 
KINGDOM AND EXPORTS OF BRITISH 

AND IRISH PRODUCE. 


RATIOS (1873 = 111). 


YEARS. 


TOTAL IMPORTS INTO UNITED 

KINGDOM AND EXPORTS OF BRITISH 

AND IRISH PRODUCE. 


RATIOS (1S73 = 111). 


Declared 
value. 


Values 

al |.i ices of 

prece Ling 

year. 


Values ill 
prices m 


British 

trade. 


My arith- 
metical 
index 

numbers. 


Values 

Declared at pi 
value. preci ding 

year. 


Values at 

prices in 

1873. 


British 

trade. 


My arith- 
metical 

index 
numbers. 




Mln. £'s. 

626 n 
i i 'i 

584. 
5G2.5 

G20.3 
675. 3 
6S4.4 

651.0 


Mln. £'s. 


Mln. £'*. 

626 

861 

844 

835 

858 

- - 

93S 

1,005 

1,001 

1,001 

999 


111.0 
86.0 
81.9 
77.7 
72.8 
72. 1 
73.4 
74.6 
75.9 
75.7 
72.3 


Ill 
82 

76 
72 
69 
68 
70 
72 
72 
7° 
68 




Mln. £'s. 
623.6 
624. 7 
642.9 
681.7 
6S5.6 
704.0 
749. 7 
815. 1 
802.7 
812. 4 


Mln. £'s. 
635.7 
666. 5 
666 G 
671.5 
i 1 5 
703.1 
724.7 
739. 1 
836. 9 
631 '.i 


Mln. £'s. 
976 
1,043 
1,112 
1,162 
I. 173 
1,201 
1 , 241 
1 , 22 1 

1,802 
1,323 


70.9 
r,r,. 5 
64.1 
65. 1 
64.7 
64.8 
67. 1 
73.9 
70.9 
I 1 
69.9 


6S 
63 
62 
61 
62 
64 
68 
75 
70 
69 
69 






1894 






1895 




1896 






1897 


1888 


609. 1 
661.5 
672.7 
684.8 
681. 1 


1R98 


1899 


1889 . 


1900 


1890 


1901 


1891... 


1902 


189 ! 


1903 



The years 1883-1886 calculated by the board of trade (Report on Recent Changes in the Prices of Exports 
and Imports, 1888), 1887-1903, nominal figures in proportion with the ratio in the next column. This ratio is 
based on the figures in the first two columns, published by Mr. S. Bourne in the Economist, showing the trade 
movements and variations in value from year to year. viz. values are returned and calculated at prices of 
previous year (1887, 583.3 : 72.7701 = 538.6 : 72.1152; 1888, 62 1.3 : 72.1152 = 609.4 : 73.4051, etc.). 

In the above statement all figures previously published are repeated, as they may be of special interest for 
the tariff discussion. The third column at uniform prices shows the movements of quantities, and it will be 
seen that since 1873, a year in which the external trade was already unusually heav} r , the total quantities have 
more than doubled. The ratio of prices in this calculation is ('>'.).',» for 1903, against my index number of 69 (or, 
more exactly, 69.5). The influence of coal is much smaller in this table, which comprises only the exports — 
46,600,000 tons — than in the other calculation, which comprises the total production, about 230,000,000 tons. 

CONSTRUCTION OF THE TABLES. 

The table of index numbers is based on the average prices of the eleven years 1867-1877, and the index 
numbers have been calculated in the ordinary arithmetical way: for instance. English wheat: 
Average, 1867-1877, 51s. 6d. equal 100. average point. 
Average, 1S55, 74s. 8d. equal 137, or 37 per cent above the average point. 
Average, 1903, 26s. 9d. equal 49, or 51 per cent below the average point. 
The index numbers, therefore, represent simple percentages of the average point. Certain articles which 
appear to have something in common have been grouped together, with the following result: 



COMMODITIES IN GROUP. 


INDEX NUMBERS IN GROUP. 


EXAMPLE l'OIl 1903. 


Total 
numbers. 


Average. 


1. Vegetable food (corn, etc.— wheat, flour, barley, oats, 

maize, potatoes, and rice). 

2. Animal fund (beef, mutton, pork, bacon, and butler) 


With 8 index numbers 

Witli 7 index numbers 

With 4 index numbers 

With 19 index numbers 

With 7 index numbers 

With 8 index numbers , . 
With 11 index numbers 

With 20 index numbers 

With 45 index numbers 


499 

588 

174 


62 

84 

44 


1 3 Food . . 


1. 261 


66 




576 
526 
765 


82 
66 
09 


6. Sundry materials (hides, leather, tallow, oils, soda, nitrate, 
indigo, and timber). 


1,867 72 




3,128 


69 





The general average is drawn from all forty-five descriptions, which are treated as of equal value, and is the 
simple arithmetical mean as shown above. 



4686 



MOVEMENT OF WHOLESALE PRICES IN GEEAT BRITAIN. 



[JlW'B, 



AVERAGE PRICES OF COMMODITIES. 

[Note.— The annual prices are the averages of 12 monthly or 52 weekly quotations.] 








1 


2 


3 


4 


S 


G 


7 


8 


1-8 








SILVER. 


VEKETA3I/E EOOD. 




WHEAT. 


FLOUR. 


BARLEY. 


OATS. 


MAIZE. 


POTATOES." 


RICE. 




YEARS. 


Per ounce.'' 


English 
(Gazette) 

( per quar- 
ter). 


American 
i per quar- 
ter). 


Town- 
made 
white ! per 
sack, 280 
pounds) . 


English 
(Gazette) 
(per quar- 
ter). 


English 

(Gazette) 
(per quar- 
ter). 


American 
mixed per 
quarter,). 


Good Eng- 
lish (per 
ton). 


Rangoon 

arrive per 

cwt.). 


Vegetable 
food, total. 




d. 

52} 

oil 
BOH 

45 
44 

4-';i 

*m 

35 

30j 

27^ 
28 J 

--,:. 

24 J 


s. d. 

44 4 

45 4 
45 1 
41 7 
35 8 

32 10 

31 

32 6 
31 10 

29 9 

31 11 
37 
SO 3 
26 4 

22 11 

23 1 
20 2 

30 2 
34 

25 8 

26 11 
26 9 
28 1 
26 9 


s. d. 
51 
62 
48 6 
45 

36 6 

35 
35 

34 

37 

35 

35 6 

40 11 

33 
27 6 
23 G 

25 6 

29 

34 6 
37 

30 

31 6 
30 

30 6 

31 


8. 

39 
40 
40 
36 
31 

29 
28 
28 
30 
29 

29 
33 
2g 

26 

22 

23 
25 
30 
33 

26 i 

27 1 
26 
26 
27 


s. d. 
S:i 1 
31 11 
31 2 
SI 10 
30 8 

30 1 

26 7 
25 4 

27 10 

■r< 10 

25 8 

28 2 

26 2 
2 i 1 

24 6 

21 11 

22 11 

23 

27 2 

25 6 

24 11 

25 2 
25 8 
22 8 


s. d. 
23 1 
21 'J 
21 10 
21 5 
20 3 

20 7 

19 
16 3 

16 '." 

17 9 

18 7 

20 

19 10 

18 9 

17 1 

14 6 

14 9 

16 11 

15 5 

17 

17 7 

18 5 

20 2 
17 2 


s. 
25j 

27} 
31 

27; 

25} 

23 
21 

'-'- . 
23} 
20 

20 

28 

21} 

20 

20 

19} 
15 

14} 
17} 
18 

20} 
22} 
25 
22 


s. 

130 
88 
95 

108 
75 

75 
80 
85 
SO 

SO 

70 
92 
70 
65 
70 

80 
55 
70 
82 

70 

78 

78 
69 

84 


s. d. 
9 1 
8 4 

7 5 

8 1 
7 8 

7 
6 7 

6 10 

7 1 
7 3 

7 3 
7 11 
7 8 

6 2 
5 10 

5 6 

C 2 
G 9 

7 2 

7 2 

7 4 

6 7 

6 2 

7 3 




































































































271 
37 
50 
581 


29 
40 

54} 


30 

56 


26} 
46 


24| 
25} 
3H 
39 


17} 
17; 
21 
26 


19} 
20} 
25 
32} 


74 

7:; 
102 
117 


65 
6} 
8 
10 






















[In 


lex nunibei 


s (or perccn 


tages) of pr; 


ces, the ave 


'age of 1S67- 


1877 being 1 


DO.] 






85.9 
85.0 

M 'I 

83.1 

83.3 

79.9 
74.6 
73.3 
70.4 

7c 'J 

58. 6 

4T.i'i 

49. 1 

60. 5 
45.3 

•1 :. 
45.1 

46. 1 

•14.7 
39.6 
40.7 


81 
83 
83 
76 
65 

60 
57 
60 
58 
55 

59 
6S 
56 
48 
41 

J J 
48 
55 
62 
47 

49 
49 

52 
49 


91 
93 
87 
80 
65 

02 
62 
61 
66 
63 

63 
71 
59 
50 
42 

46 
62 
62 
66 
64 

56 
64 
54 
55 


85 
87 
87 
78 
65 

63 
61 
61 
65 
63 

63 
72 
61 
54 
43 

50 
5-1 
65 
72 
5S 

60 
5S 
56 
59 


85 
82 
80 
82 
79 

77 
68 
65 
71 
66 

73 
72 
67 
66 
63 

66 
69 

60 
70 
66 

64 
65 
66 
59 


89 
84 
84 
82 
78 

79 
73 
63 
64 
69 

72 
77 
76 
72 
66 

56 
57 
65 
71 
65 

68 
71 
78 
66 


79 
85 
95 

85 

78 

71 
65 
65 
72 
61 

61 
86 
67 

01 
61 

60 
46 
45 
55 
55 

62 
68 
77 
67 


111 
73 
81 
90 
64 

64 
69 
73 
69 
69 

GO 
79 
60 
5G 
GO 

68 
47 
61 
70 
60 

67 
67 
59 

72 


91 
83 

74 
81 
77 

70 
66 
68 

71 
72 

72 
79 
77 
62 
5S 

55 
62 
67 
72 
72 

73 
60 
62 

72 


712 




670 




671 




654 


18S4 


571 


] 885 


546 


1886 


521 




516 




536 




518 




523 




604 




■ 




469 




439 




433 




125 




480 




5 




477 




499 




498 




504 




499 







toes, S monthly quotations. January to April and September to December. 
d Index numbers of 'silver as compared with co.sid. per ounce, being the parity between gold and silver at 1 : 15} 



not included in the general average. 






1904.] 



MOVEMENT OP WHOLESALE PRICES IX GEEAT BEITAIN". 



4687 



Average Prices of Commodities— Continued. 





9 


10 


11 


12 


J" 

13 


14 


IS 


9-15 








ANIMAL FOOD. 


• 


BEEF, a 


MUTTON. 


FORK. 


BACON. 


BUTTER. 




YEARS. 


Prime 

(per 8 

pounds) . 


Mid- 
dling 
(per 8 
pounds) . 


Prime 

(per S 

pounds). 


Mid- 
dling 
(perS 

pounds). 


Large and 

small, 

average 

(per 8 

pounds). 


Waterford 
(per i:\vi-). 


Friesland, 
fine to 
finest 

(per cwt.). 


Animal 
Ei tod, 
total. 


1880 


d. 

68 
56 
CO 
61 

6S 

52 
49 
43 

4S 
47 

47 
47 
47 
48 
47 

47 
45 
47 
46 
49 

61 
49 
54 

4S 


d. 

49 
48 
51 
51 
49 

44 
40 
36 
39 
39 

38 
40 
38 
39 
37 

37 
34 
36 
36 
40 

42 
42 

47 
42 


d. 

66 
69 
72 
73 
64 

66 
62 
62 
68 
63 

59 
53 
53 
53 
55 

58 
53 
55 
62 
54 

59 
54 
55 
58 


d. 

54 
57 
60 
61 
53 

47 
60 
42 

47 
50 

45 
42 
42 
42 
42 

44 
39 
41 
37 
41 

45 
44 
44 
47 


d. 

55 
54 
51 
49 

48 

45 
45 
43 
40 
43 

42 
39 
48 
50 
44 

37 
35 
44 
45 
40 

44 
49 
4S 
44 


s. 
76 
70 
74 

70 

68 
67 
61 
61 
66 

62 
63 
68 
68 
59 

54 
50 
59 
5S 
51 

60 
63 
63 
60 


s. 
125 
123 
125 
123 
120 

111 
100 
10S 
100 
102 

100 
106 
108 
106 

98 

93 
98 
94 
95 
103 

102 
105 
102 
100 




1881 




18*2 




1883 




1884 




1885 




1886 




1887 .. 




18S8 . . . 




1SS9 




1890 




1891 




1892 ... 




1893 




1894 




1895 




1896 




1897 








1899 . . 




1 9 10 




1901 




1902 




1903 








Average, 1894-1903 


48| 
47 
554 
69 


394 

374 

46 
50 


554 
66 

64i 
63 


42J 
434 
53 
55 


43 
42 
49 
62 


574 
61 

71 
74 


99 
100 
116 
125 




i -.'.IT 




1878-1887 




1S67 1877 ... 









1SS0 
1881 

1882 

ISM'. 

1884 

1S85 
1886 
1887 
1888 
1889 

1890 
1891 
1892 
1893 
1894 

1895 
1896 
1897 
189S 

1899 

1900 
1901 
1902 
1903 



[Index numbers (or percentages) of prices, the average of 1867-1877 being 100.] 



95 
102 
104 



88 
83 
73 
81 

80 



80 

SO 
81 



80 
76 
80 
78 
83 

86 
83 
92 
81 



98 



102 
102 



80 
72 
78 
78 

76 
80 
76 



71 
68 
72 
72 
80 

84 
84 
94 
84 



105 
109 
114 
116 
102 

89 
98 
83 
92 
100 

94 
84 
84 
84 

87 

92 
84 
87 
84 
86 

94 
86 

S7 
92 



98 
104 
109 
111 

96 

85 
91 
76 
85 
91 

82 
76 
76 
76 
76 

80 
71 
75 
67 



82 
80 
80 

85 



106 


103 


104 


103 


98 


100 


94 


97 


92 


95 


87 


92 


87 


91 


83 


82 


77 


82 


83 


69 


81 


84 


75 


85 


92 


92 


96 


92 


85 


80 


71 


73 


67 


68 


85 


80 


87 


78 


77 


69 


85 


81 


94 


85 


92 


85 


85 


81 



100 
98 

100 
98 
96 

89 
SO 
82 
80 



708 
709 
725 

722 
677 

61S 
010 
551 
675 
603 

577 
565 
6S6 
592 
560 

544 

512 
554 
542 

552 

594 
596 
612 

6SS 



a Meat (9-13), by the carcass, in the London meat market. 



No. 12- 



4688 



MOVEMENT OP WHOLESALE PEICES EST GEEAT BRITAIN. 



[June, 



Average Prices of Commodities — Continued. 





1GA 


1Gb 


17 


ISA 


18b 


IS 


ISA 


19b 


19 


1G-19 


1-19 








FOOD. 




SUGAR. 


COFFEE. 


TEA. 


Sugar, cof- 
fee, and 
tea, total. 


• 




British 

West 

Indian 

refining 

(percwt.). 


Beet. Ger- 
man, 88 per 
cent, f. o. b. 

(percwt.). 


Java, 

floating 

cargoes 

(percwt.). 


Ceylon 
plantation, 
low mid- 
dling 
(percwt). 


Bio, good 

channel 

(percwt.). 


Mean of 

ISA and 
1KB. 


Congou, 
common 

(per 
pound). 


Average 

import 

price (per 

pound). 


Mean of 

19A and 

19b. 


Food, total 




s. 

20} 

21| 

20 

19 

13! 

13! 

Hi 
11? 

13 
16 

13 

13! 
13i 
11! 

H! 

10 

10} 

9! 

9! 

105 

11! 
9! 
7! 

8! 


s. 
21} 

22 
21! 
20! 
13! 

14! 
Ill 
12J 
13j 

16! 

12! 
13! 
13! 
15 

Hi 

10 
10! 
85 
9! 
10 

10! 
8! 
6J 
8! 


e. 
25} 
26! 
25} 
24! 
17! 

17j 
14! 

14! 

16 

19 

15} 

155 
16 
17! 
13} 

12 
12! 
11 

in 

12! 

12) 
10} 
8j 

9i 


s. 

87 
80 
65 
76 
62 

60 
68 
90 
80 
95 

101 
101 
104 
103 
102 

98 
95 
95 
92 
90 

75 
70 
70 
70 


8. 

61 
49 
39 
43 
47 

39 

46 
78 
64 
76 

83 
76 
68 
81 
75 

74 
58 
40 
32 
31 

40 
35 
31 
30 




d. 

8} 

6! 

5 

5} 

6! 

BJ 

6! 
6 
4 
4! 

45 
5! 
45 
51 
4! 

45 
4 
4 
4! 

55 

5! 
4 

3} 
4! 


d. 

13.47 
12.82 
12. 58 
12. 46 
11.78 

12.06 
11.77 
10.58 
in. 99 


















1882 




















1884 








1885 










1SS6 










1887 










1888 










1SS9 




10. 79 

10.65 
10.70 
10.07 
9.74 
9.59 

9.63 








1S90 










1891 










1892 










1893 










1894 










1895 










18( 










1897 




9.36 
9.10 
8.87 

8.58 
7.61 
7.20 
7.69 








1898 










1899 










1900 










1901 








1902 









1903 
















Average, 1S94-1903 


93 

12! 

17 

23 


9! 
12! 
18 
24 


115 
14} 

•ji .; 
28! 


86 
97 
78 
87 


44! 
70 
52 
64 




43 
4! 
6} 
11! 


8} 

10! 

12} 
17! 


1 




1888-1S97 










1878-1887 










1867-1877 






















[Index numbers (or percentages) of prices, the average of 1867-1877 being 100.] 


1880 


89 
92 

87 
84 
56 

59 
50 
52 
57 
69 

54 
57 
58 
62 

48 

43 
46 
39 
40 
44 

46 
38 
30 
36 


89 
93 
89 
86 
62 

62 
50 
61 
66 
67 

54 
54 
56 
61 
48 

42 
44 
39 
41 
43 

45 
38 
30 
34 


moo 

92 
75 
87 
91 

69 
78 

104 
92 

109 

116 
116 
120 
118 
117 

113 
109 
109 
106 
103 

86 
SO 
80 
80 


a 95 
77 
61 
67 
74 

61 
72 
122 
100 
119 

130 
119 
106 
127 
117 

116 
91 
64 
60 
48 

63 
55 
48 
47 


97 
84 
68 
77 
73 

65 
75 
113 
96 

114 

123 
118 
113 
123 

117 

115 
100 
86 
78 
75 

74 
67 
64 
63 


a 78 
58 
45 
49 
56 

58 
58 
44 
36 
38 

40 
49 
43 

48 
38 

37 
36 
36 
40 
49 

47 
36 
33 
38 


a 78 
76 
73 
72 
68 

70 
69 
62 
64 
63 

62 
62 
59 
57 
56 

56 
56 
54 
53 
51 

50 
44 
42 
44 


78 
66 
59 
60 
62 

64 
64 
53 
50 
50 

51 
66 
51 
53 
47 

47 
46 
45 
46 
50 

49 
40 
38 
41 


353 

335 
303 
307 
253 

250 
239 
269 
259 
300 

282 
285 
278 
299 
260 

247 
236 
209 
205 
212 

214 
183 
162 
174 


1,773 
1,711 
1,699 
1,0*3 
1,501 

1,414 
1,370 
1,336 
1,370 
1, 421 

1,382 
1,454 
1,387 
1,360 
1,259 

1,224 
1,173 
1,243 
1,285 
1,241 

1,307 
1,277 
1,278 
1,261 


1881 


1882 


1883 


18S4 


1885 


1886 


1887 


1888 


1S89 


1890 


1891 


1892 


1893 


1894 


1S95 


1896 


1897 


JS'.IS 


1S99 


1900 


1901 


1902 











a Index numbers not included in the general average. 



1004.] 



MOVEMENT OP WHOLESALE PKICES m GBEAT BRITAIN". 



4G89 



Average Prices of Commodities — Continued. 



Number of article . 



20 



21 



23 



24 



20-26 



YEARS. 



MINERALS. 



Soot ell pig 

(per ton). 



1880 

1881 

1882 

1883 

1884 

1885 

1886 

1SS7 

1888 

1889 

1890 

1891 

1892 

1893 

1894 

1815 

1S96 

1897 

1898 

1899 

1900 

1901 

1902 

1903 

Average, 1894-1903 
1888 1897 
187S-1887 
1867 1^77 



s. d. 



54 
49 
49 



39 11 

42 ?. 

39 11 

47 9 

49 7 

■17 2 

41 10 

42 4 
42 8 

44 5 

46 10 

45 4 

47 2 
63 9 

69 4 

9 

54 ti 



62 
45 
46 
69 



mon ! pei- 
tou). 



Chile bars 
(per ton). 



66 
03 
54 

43 

4'l 
44 
81 
51 

54 
51 
45 
44 
40 

43 
47 
49 
52 
74 



6 i 

5! 



50 

55 



English 
tough cake 
(per ton). 



Straits (per 
ton). 



88 
93 
102 
93 
81 

R7 
98 
112 
117 
93 

91 
91 
93 
85 
63 

63 

60 

62 



134 
118 
121 

127 



95 
83 
89 

105 



English 

pig (per 

ton). 



1*\ 

I ■ 
M 
12 
11J 

11 

13; 

125 

13} 
13 

13J 
12J 
10} 
9} 
9} 

10J 

II j 

i H 
15} 

171 
12j 
11| 
11* 



Wallsend 

Hetton in 
London 

(per ton). 



15} 

17 

17 

18 

164 

164 
Hi 
10 
164 

17 : 

19 

19 

1SJ 

191 

164 

15 
15 
I5j 

16j 
18i 

23J 
20 
184 
164 



Average 

price I per 
ton) . 



125 
12 
14 
20J 



17i 
l"i 
16i 
22 



8. 95 
8. 97 
9.14 
9.35 
9, 29 

.8. 95 
8. 45 
8.32 
8. 11 
10. 21 

12. 02 
12. 16 
11.04 
9.90 
10.50 

9.33 

8, 85 

9.92 

10.72 

16.75 

12. 29 
11.70 



Minerals, 
total. 



Hi 
10J 
9 
124 



[Index numbers (or percentages) of prices, the average of 1867-1877 being 100.] 





79 
71 
71 
09 
61 

60 
58 
61 
58 
69 

72 

08 

61 

61 
62 

64 
68 
66 
68 
92 

100 
78 
79 
76 


.82 
70 
76 
70 
62 

59 
56 
56 
59 
76 

77 
68 
66 
61 
69 

59 
61 
61 
67 

88 

109 
79 
74 
76 


84 
83 
88 
84 
72 

57 
53 
59 
10S 
6S 

72 
68 
60 
59 
53 

57 
63 
65 
69 
99 

97 
88 

71 

77 




si 
89 
97 
89 
77 

83 
93 
107 
111 
89 

90 
87 
89 
81 
65 

60 
57 
59 
69 
117 

128 
112 
115 
121 


80 
74 
71 
63 
55 

67 
65 
63 
68 
63 

65 
61 
52 
48 

47 

52 
56 
62 
65 
75 

84 
62 
55 
57 


70 

77 
77 
82 
75 

75 
73 
73 
75 
80 

86 
86 
84 
89 
75 

68 
68 
72 
76 

84 

107 
91 
84 
75 


72 
72 
73 
75 
74 

72 
68 
67 
67 
82 

101 
97 
83 
SO 
84 

75 
71 
72 
79 
86 

134 
111 
98 
94 


551 






536 






553 






532 






476 






463 






406 






4S6 






546 






527 






563 






535 






500 






479 






445 






435 






444 






460 






493 






641 






759 






621 






576 






576 









4690 



MOVEMENT OP WHOLESALE PRICES IN GREAT BRITAIN". 



[June, 



Average Prices of Commodities— Continued. 





2J 


28 


29a 


29b 


30a 


SOB 


81 


82a 


82b 


S3 


84 


27-34 








TEXTILES. 




COTTON. 


FLAX. 


HEMP. 


JUTE. 


WOOL. 


SILK. 




YEARS. 


Middling 
upland 

(per 
pound). 


Fair 
Dhollera 

(per 
pound). 


St. Peters- 
bur?. r_>- 
head, best 
(per ton). 


Russian, 

average 

import 

(per ton). 


Manila, 

fair 
roping 

(per 
ton). 


St. Peters- 
burg, 
clean 

(perton). 


Good 
medium 

(per 
ton). 


Merino, 

Port 
Phillip, 

average 

pound). 


Merino, 
Adelaide, 

average 
grease (per 

pound) . 


English, 
Lincoln, 
half hogs 

(per 
pound). 


Tsatlee 

(per 
pound). 


Textiles, 
total. 


1SS0 


d. 

611 

6ft 

61 

6} 

6 

5f 

6? 

5J 

6ft 

Org 

6 

4H 
4ft 
41 

313 

3§J 
• 4H 
3J» 
3ft 
Sft 

6H 
4} 
4H 
6!'03 


d. 
54 
4} 

4ft 
3j 

s;c 

44 
3ft 

3ft 

3} 

4* 

m 

34 
3 

3ft 
2J 

2? 
3& 

3A 

24 

2} 

& 

m 

3}i 

4? 


£ 
35 
324 
294 
30 
294 

34 
35 
32 
29 
2S 

27 
28 
28 
34 

32 

26 
26 

244 

24 

23 

35 
38 
32 
32 


£ 
40 
33 
304 
304 
30j 

35 

35 

314 

28 

28 

26 

26 

26 

314 

33 

28 

27 

27 

254 

244 

30 
394 
37 
30 


£ 

30 
43 
46 
46 

3S 

35 
29 
34 
37 
60 

39 
32 

28 
26 
22 

19 

174 

16 

27 

41 

89 

37 
43 
36 


£ 

23 
24 
24 
26 
29 

29 
29 
29 
26 
26 

26 
24 
24 
24 
24 

25 
25 
25 
26 

27 

28 

27 
27 
27 


£ 
18} 
184 
15 
144 
134 

12 

114 
4j; 
13J 
15 

13J 

13 

15 

13 

124 

11 

12J 
11 
11 
124 

144 

12} 

124 

134 


d. 

214 
194 
19} 
19 

184 

164 
15* 
15} 
15} 

174 

16 
14} 
13 
12} 

11} 

12 
13 

124 

134 
174 

15} 
13 
15 
16 


d. 
101 
94 
9 
84 
84 

6} 

61 

7 

7 

84 

74 

6} 

6 

6 

5S 

6J 

6| 

6 

6* 

84 

74 
64 
74 
84 


d. 

154 
I'-s 

114 
10 
10 

94 
10 
204 
10,= 
11 

11 

9} 

8} 

104 

104 

12 

114 

94 
8} 
84 

74 
6J 
64 


15 

15} 

15} 

15} 

144 

12} 

13} 

144 

13 

134 




1S81 




1882 




1883 




1884 




1885 




1886 




1887 




1888 




1889 




1890 




1891 







1S92 


124 

1 
10 

10 

10', 

104 
104 
13 

13 
104 
11 
134 




1893 




1894 




1895 




1896 




1S97 




1898 




1899 




1900 




1901 




1902 




1903 








Average, 1894-1903... 


4| 

4tt 

6 
9 


34 
3ft 
44 
6} 


294 
28 
33 
46 


304 
28 
34 
48 


294 
28J 
354 
43 


26 
25 
264 
S5 


124 
13 

15 
19 


14 
14 
184 
214 


64 
64 
84 
94 


8i 
104 
11} 
19} 


11J 
12 
15 
23 




1888-1897... 




1878-1887... 




1867-1877... 












[Index numbers (or percentages) of prices, the average of 1867-1877 being 100.] 


1SS0 


77 
71 
74 
64 
67 

62 
57 
62 
62 
66 

67 
52 
46 
51 
42 

43 
48 
43 

37 
40 

61 
53 
64 
67 


78 
65 
64 
58 
69 

63 
63 
53 
68 
61 

58 
48 
45 
63 
39 

41 
46 
45 
37 
41 

62 
51 
55 
61 


79 
70 
64 
65 

64 

73 
75 
68 
61 
60 

56 
67 
57 
70 
09 

67 
66 
55 
62 
51 

69 
82 
74 
79 


68 
86 
90 
92 
86 

82 
74 
81 
81 
97 

82 
72 
67 
64 
69 

56 
55 
53 

67 
87 

86 
82 
90 

81 


99 
98 
79 

75 
71 

63 
61 
64 
70 
79 

70 
68 
79 
68 
66 

68 
64 
58 
68 
66 

75 
67 
64 
71 


103 
92 
92 
89 
85 

73 
70 
72 
72 
82 

76 
70 
61 
60 
65 

67 
62 
59 
64 
83 

76 
62 

72 


77 
63 
67 
61 
51 

50 
61 
64 
53 
66 

66 
49 
44 
62 
61 

61 
68 
49 
44 
42 

40 
85 
32 
37 


65 
68 
68 
68 
63 

65 
60 
63 

57 
59 

61 
67 

53 
61 
43 

43 
46 
45 
46 
57 

57 
46 
48 
69 


646 
613 
5S8 
562 
546 

621 
501 
517 
514 
660 

526 
473 
452 
472 
424 

416 
435 
407 
405 
467 

526 
478 
489 
526 


1881 


1882 


1883 


1884 


1885 


1886 


1887 


1888 


1889 


1890 


1891 


1892 


1893 


1894 


1895 


1896 


1897 


1S98 


1899 


1900 


1901 .. 


1902 


1903 

















J 



I 



1904.f 



MOVEMENT OF WHOLESALE PEICES IN GREAT BEITAIN. 



4691 



Average Prices of Commodities — Continued. 





85a 


36b 


36 


S7a 


37b 


38 


39 


40a 


40b 








SUNDSY MATERIALS. 


YEARS 


HIDES. 


LEATHER. 


TALLOW. 


OIL. 


SEEDS. 




River 
Plate, dry 

(per 
pound). 


River 

Plate, 

salted (per 

pound). 


Crop hides, 

30-45 

pounds (per 

pound). 


St. Peters- 
burg, Y. C. 
(per cwt.). 


Town 
(per cwt.). 


Palm 
(per tun). 


Olive 
(per tun). 


Linseed 
(per tun). 


Linseed 

(per 
quarter). 


1880 


d. 

9J 

9 

9 

9 

9 

8} 

8 

7J 

6} 

6} 

63 
6} 
5J 
5} 
5J 

71 
6i 
6} 
7 

li 

Sj 

7| 
8 


d. 

7} 
7 
7 
7 

7 

6i 
6} 
6} 
4f 
6 

Bi 

6i 
4J 
4i 
4j 

6} 
51 
5} 
6? 
6} 

6} 
6 

6* 
64 


d. 
15} 

15} 
15 
15 
15 

15 
15 

15 
14 
13J 

13 
13 
13 
13 

12} 

131 

13i 
13} 
13} 
131 

14 
14 
14 
14 


41 
42 
52 
50 
47 

38 
31 
31 
36 
38 

38 
40 
45 
48 
48 

48 
48 
40 
40 


s. 
36 
38 
44 
43 
371 

301 
26 

24 
28 
27 

26 

271 

27 

301 

25} 

23 
21 
20 
22 
25 

271 
28 

29} 


£ 
32 
32 
35 
41 
36 

SO 
24 
22 
22 
25 

27 
26 
24 
28 
24J 

23 
22 

22 
23 
25 

271 
26 

271 
28 


£ 
41 
38 
. 37 
36 
40 

39 
38 
34 
36 
35 

41 
43 
36 
36 
35 

36 
30 
31 
32 
33 

36 
38 
34 
33 


£ 
27 
26 
23 
20 
20 

20J 

201 
18} 
20 

23 
21 
181 

L'll 

201 

20} 

175 

15 

16} 

20 

301 

30 

28 

21 


s. 

64 


1S81 


50 


1882 


44 


1883 


42 


1SS4 


43 


1885 


44 


1886 


42 




38 




39 


1889 


42 


1S90 


43 


1891 


42 


1892 


39 


1»93 


42 


1894. . . 


38 


1895 


37 


1896 


3 ; 


1897 


33 


1898 


36 


Is'l'J 


40 


1900 




51 






63 












39 












4 

8J 
9 


6 
5j 
6| 

7 


131 

131 
15 
16 


42 
43 
41 
45 


25; 
251 
35J 
45 


25 
241 
321 
39 


34 
36 
40 
50 


22 
191 
23 
30 


41} 


1SSR-1 S 97 


39 


1 878-1887 


46 


1867 1S77 


60 








[Index n 


imbers (or ; 


>ercentages) of prices, the average of 1S67-1877 being 100.] 


18S0 


105 
100 
100 
100 
100 

95 
85 
88 
73 
70 

70 
66 
63 
65 
C4 

84 
77 
75 
82 
85 

90 
84 
87 
91 


97 
95 
91 
94 
94 

94 
94 
94 
87 
84 

81 
81 
81 
81 

78 

84 
84 
84 
84 
84 

87 
87 
87 
87 


86 
89 
107 
103 
94 

76 
03 
61 
71 
72 

71 
75 
80 
87 
82 

79 
77 
67 
69 
56 

61 
62 

65 


82 
82 
90 
105 

92 

77 
61 
66 
56 
64 

69 
67 
61 
72 
63 

59 
56 
66 
59 
64 

71 
67 
71 
72 


82 
76 
74 
72 
80 

78 
76 
68 

72 
70 

82 
86 
72 
72 
70 

72 
60 
62 
64 
66 

72 
76 
68 
66 


90 


1881 


85 


1882 


75 




68 




69 




i 


73 




69 




65 




63 




69 




73 




70 




04 




69 




65 




04 




56 




53 




59 




67 




94 




92 




87 




67 







4692 



MOVEMENT OP WHOLESALE TRICES IN GREAT BRITAIN. 



[June, 



Average Prices of Commodities — Continued. 





41 


42 


43 


44 


45A 


45b 


35-45 


20-45 


1 45 








SUNDRY MATERIALS— Continued. 


Mate- 
rials, 
total. 




YEARS. 


PETRO- 
LEUM, a 


SODA. 


INDIGO. 


TIMBER. 


Sundry 
mate- 
rials, 
total. 


Grand 




Refined 

(per 
gallon). 


Crystals 
(per ton). 


Nitrate of 
(per cwt.). 


Bengal, 
good con- 
suming 

per 
pound). 


Hewn, 

average 

import 

(per load). 


Sawn or 

split, 
average 
import 

(per load). 


total. 


1SS0 


d. s. 

7; 74 


s. 
154 
144 
134 

ii; 

94 

104 
10 

94 
10 

94 

84 
Si 
8} 
94 
94 

84 

8 

7} 

7} 

73 

8 
9 
91 
9J 


s. 
74 
6} 
64 
04 
6 

54 

5 

a 

4} 
44 

44 
4} 
44 
54 
5 

44 


s. 

49 
51 
52 
52 
48 

48 
43 
38 
41 
47 

44 
40 
40 
38 
36 

37 


s. 
52 

60 
52 
48 
46 

45 
43 
42 
44 
49 

46 
43 
44 
43 
44 

42 
44 
47 
47 
49 

56 
52 
51 

51 








188] 


6* 
64 

61 

63 
5S 
■ r >: 
64 
6J 

BJ 

5 
4 

3; 

6 
5i 

41 

!■' 
5* 

6} 
64 
6J 

64 


65 
63 
66 
65 

65 
49 
50 
48 

51 

61 

64 
66 
58 
42 

39 
42 
61 
54 
56 

62 
65 
64 
64 








1S82 








18S3 








1884 








1885 ~ 








1886 








1887 








1888 








1889 








1890 








1891 






1892 








1893 








1894 
















1896 








1897 


4 ! 41 
34 ! 4') 








1898 








1S99 


34 
34 

34 

34 


40 

41 
39 
39 
39 








1900 








1901 








1902 








1903 














Average, 1891-1903 


53 

5j 

65 

a 124 


54 
62 
62 
92 


84 
83 

124 

14 


3J ■■■■'>' 


484 

444 

47 

54 








1888-1897 


44 
6 

74 


40J 

47 

60 








) 878-1887 








1867-1877 


















[Index numbers (or percentages) of prices, the average of 1867-1S77 being 100.] 


1880 


(a) 
60 

58 
48 
52 
62 

65 

47 
45 
52 
40 

45 
45 
40 
32 
31 

48 
44 
33 
41 
50 

54 
52 
50 
50 


80 
71 
69 

72 

71 

60 
53 
54 
52 
55 

66 
70 
72 
62 
46 

42 
46 
56 
59 
61 

67 
71 
70 
70 


111 

104 

95 

80 

68 

75 
71 
68 
71 
68 

61 
63 
63 
66 
66 

59 
57 
55 
55 
56 

57 
64 
70 
70 


100 
93 
90 
86 
83 

72 
69 
66 
66 
62 

69 
66 
62 
76 
69 

69 
59 
55 
48 
48 

48 
47 
45 
45 


89 
89 
91 
88 
82 

81 
76 
70 
74 
84 

79 
73 
74 
71 
70 

69 
74 

77 
7S 
78 

85 
80 
79 


982 
942 
933 
920 
885 

836 
764 
735 
737 
744 

756 
762 
732 
753 
704 

719 
690 
678 
698 
715 

786 
782 
786 
765 


2,179 
2,091 
2,074 
2, 014 
1,907 

1,820 
1,731 
1,738 
1,797 
1,831 

1,845 

1,771) 
1,684 
1,704 
1,673 

1,670 
1,569 
1,545 

1,596 
1,823 

2,071 
1,881 
1,851 
1,867 


3. 952 
B,MI5 

3, 77:> 
3, 697 
3,408 

3,234 
3,101 
3,074 
3,167 
3,252 

3,227 
3, 224 
3,071 
3,064 
2,832 

2,794 
2,742 
2,788 
2,881 
3,064 

3,378 
3,158 
3, 129 
3,128 


1NM 


1882 




1884 


1885 




1887 


lsxs 


1 889 


1890 


1891 


] S93 


1894 . 


1895 




1897 


] 898 


lsyj 


J900 


1901 


1902 











a Petroleum as compared with, the average from 1873-1877 only. 



1904.] 



MOVEMENT OP WHOLESALE PEICES IN GEEAT BEITAIN. 



4693 



WHOLESALE PRICES OF COMMODITIES, MAINLY IN LONDON AND MANCHESTER— AVERAGE SIX YEARS, 

1845-1850, SELECTED DATES, 1879-1904. 



[From the London Economist: Commercial History and Review of 1S99, 1901, and 1903.] 























(II) WHEAT (ENGLAND AND 


WALES). 


POTATOES 


(BOROUGH 


), AND 








(I) COLONIAL 


AND TROPICAL PRODUCE (FOOD). 






BUTCHERS' MEAT (S5IITHFIELD MAP. 


KET). 






1 


2 


S 


4 


5 


G 


7 


8 


9 


10 


11 


12 


13 


14 


DATES. 


COFFEE. 


SUGAR. 


RUM. 


TEA. 


TOBACCO. 


EUTTER. 


WHEAT. 


POTATOES. 


BEEF. 


MUTTON. 


PORK. 




Jamaica. 
ordinary 


Brit. plan. 


Bengal 
gd. yellow 
ami white 
(per cwt.). 


Jamaica, 


Congou 
mid.com. 


Virginia 


Water- 


Gazette 


Good 


Inferior 

mid. 

(per 8 
pounds). 


Prime 


Middling 


Prime 


Large 




to fine 

ordinary 

(per 

cwt.). 


(P 


irown 
er cwt. 


)■ 


15 to 25 
o. p. (per 
gallon). 


to fr. gd. 

(per 
pound). 


leaf (per 
pound). 


ford (per 
cwt). 


price i per 
quarter). 


English 
(per ton). 


large 

(per 8 
pounds) . 


(per 8 
pounds). 


(per 8 
pounds). 


(per 8 

pounds). 




s. s. 


s. 


,1. ?. 


a. 


s. 


rf. s. rf. 


d. d. 


d. d. 


rf. s. d. 


s. 


s. d. 


s. d. 


d. d. 


rf. d. 


d. d. 


d. d. 


rf. ri. 


1815-1850 


44 @54 


28 


ii,,;. 30 


o 


36 


i 19 Ii 


34(5 38 
SOtoSSo.p. 


9« 


4i@0 


82 


63 




34@36 


3S@40 


42@46 


48© 50 


391.1 17 




























Jan. 1,1879... 


f,9 ,,i S2 


17 


0@20 


6 


19 


0©23 




75@13 


1 ©0 10 


103 


39 7 


120 


42@4S 


52(5156 


48@56 


58@64 




Jan. 1,1880... 


68 ©SO 


20 


6 .' 1 


6 


21 


6(5 26 




11 (5)15 


45@0 114 


117 


46 11 


145 


36@18 




44@50 






Jan. 1,1831... 


55 ,,, 66 


18 


Hi.. 21 


6 


19 


0@23 


. 


7i(.i 11 


i; mo 10 


119 


43 4 


85 




56@5S 


u,. 


66©72 


i ,,.. 66 


Jan. 1,1882.... 


13 


19 


III.! 22 


6 


21 


6@25 


45(8 is 


6 ©104 


6 ©1 3 


127 


44 3 


85 


■l!i.. 18 


54(B58 


42(.i 46 


.' 60 


46(5 54 


Jan. 1,1883... 


34 <s 15 


16 


6<a 20 





19 


n.._':; 




5 (S 9 


5 ©1 5 


118 


40 11 


1211 


40@48 


5C©62 


c '.:■-!• r 70 


:: 5 30 


i ...2 


Jan. 1,1884.... 


41 ©60 


16 


6(5 19 





18 


0@22 


30@36 


7 I.i in 


4 ©1 3 


112 


39 


80 


38@ 1 1 


56@62 


52© 60 


62@70 




Jan. 1,1885.... 


10 ©52 
38 „• 16 
60 ©70 

78 (5 85 

79 l,i 90 


9 
13 
10 
13 
14 


6@12 
6@15 
0(.i 12 
6@15 

0@15 



6 









L.s„, 3 1 

34i I 

27©30 
25(5 29 


54© 9 
7i(S 10 

.Vi.i s 
45© 74 
4 © 9 


4 ©1 3 

5 ©1 14 
55(5 1 2 

6 @ 1 4 
4i@l 4 


100 

85 

105 

100 

100 


31 11 
30 3 
35 
30 9 
30 4 


70 
90 
90 
90 
90 


1 1,„ 52 
28(5 in 
28@10 
27© 48 
2S©32 


.... .,, 
4 I.i IS 
44@48 
4s„, :,i 
4Si ' "'2 


44@48 

41)1-1 11 
4li.i ',2 
36@ II 

.)('■., 1.2 


60@64 

48i„ In', 
54© 60 
48@52 
60@64 


36(8. 10 


.Tun. 1,1886 




2M„ 36 


Jan. 1,1887... 




36(§ 11 


Jan. 1,1888... 




i 


Jan. 1.1S89 






31 ,.■ in 












Beet 


, Gentian. 
























Jan. 1,1890.... 


87 ©95 


11 


<:,.• 13 







11 6 


: 


4 © 74 


4 ©1 4 


84 


29 10 


60 


30@34 


on.., 52 


4C@54 


68(S 76 


3C@14 


Jan. 1,1891... 


79 ©90 


12 


0@13 
Sirups. 

6(8116 


6 




12 44 


33@35 


5 © 8 


4 ©1 6 


100 


32 7 


78 


28 


56 


60 


72 


37 


Jan. 1,1892... 


864@95 


12 


6 




14 21 


12m 11 


4j@ 64 


4 ©1 6 


99 


36 10 


6S 14 


32 


5S 


62 


70 


44 


July 1,1892... 


78 In 911 


10 


III., 14 


6 




13 li 


28(6 :;i 


44© 64 


4 81 6 


83} 


29 10 


76 4 


36 


65 


52 


66 


62 


Jan. 1,1893... 


80 ©95 


11 


6© 14 


6 


14 


3@14 45 


2S@30 


54© 7 


4 ©1 6 


965 
Cori, 1st. 


25 8 


65 


28 


56 


54 


64 


60 


July 1,1893... 


80 ©95 


15 


(ll.i IS 







18 7J 


29-i : 12 


54© 7 


4 ©1 5 


96 


26 9 




38 


54 


52 


62 


50 


Jan. 1,1894... 


80 i.i 95 


12 


j 15 







12 75 


".i 


45© 6} 


4 ©1 6 


114 


26 6 


60 


43 


60 


61 


72 


60 


Jan. 1,1895... 


so (5 92 


7 


6wll 







8 71 


21@27 


4 © 74 


4 ©1 5 


100 


20 9 


75 


37 


52 


64 


72 


62 


Jan. 1,1896... 


76 ©93 


9 


0(5 12 


6 




10 9 


•Jli.i 27 


3J(S1 65 


4 ©1 6 


116 


25 1 


50 


40 


52 


64 


72 


42 


Jan. 1,1897... 


711 in s.s 


9 


ill" 11 







9 1J 


22i.i 27 


35© 55 


4 ©1 5 


112 


30 9 


65 


40 


56 


60 


68 


42 


Jan. 1,1898... 


40 ©70 


8 


n. , 11 


6 




9 75 


20@27 


35© 65 


4 ©1 5 


100 


34 6 


85 


39 


52 


60 


68 


66 


Jan. 1,1899... 


;■'. .'.ii 


10 


6(8. 12 


6 




9 83 


2 27 


5 © 8 


4 ©1 5 


106 


27 2 


73 


37 


54 


60 


70 


51 


Jan. 1,1900... 


2S ©34 


11 


C@14 







9 2 


25@30 


65© 8 


I'.iil 


108 


25 


80 


42 


58 


60 


68 


48 


Julv 1,1900... 


38 ©45 


13 


0@15 


6 




11 3J 


32@35 


Mm.' 7; 


1 i.i 1 u 


84 


25 9 


10 


43 


56 


66 


76 


62 


Jan. 1,1901.... 


37 •<• II 


11 


0@] 1 


6 




9 


31©3li 


6j@ 74 


4 ©1 


105 


26 7 


87 6 


40 


54 


62 


72 


56 


July 1 1901 


37 ©41 


12 


3@16 

■:.,„ ir, 







9 41 


2S@34 


64© 74 


4S@0 1" 


86 


27 6 


16 


38 


62 


52 


64 




Jan. I,'l902." 


37 1,1 II 


12 







7 Oj 


23@31 


5 ©0 10 


104 


27 2 


55 


41 


66 


60 


68 


66 


Jan. 1,1903... 


35 (5)46 


11 


9@14 


6 




8 H 


20©30 


3J@ r>; 


5 i-l U 


104 


25 


80 


44 


66 


62 


72 


54 


Jan. 1,1904... 


33 ©40 


13 


6@16 







8 4i 


22@30 


4 © 7 


5J@1 3 


113 


26 5 


100 


35 


62 


64 


72 


48 



4694 



MOVEMENT OE WHOLESALE PBICES IN GEEAT BEITAIN. 



[June, 



Wholesale Prices of Commodities, mainly in London and Manchester — Average Six Years, 1845-1850, 

Selected Dates, 1879-1901.— Continued. 













(III 


RAW MATERIALS OF MANUFACTURE 














15 


16 


17 


18 


19 


20 


21 


22 


23 


24 


25 


26 


27 


DATES. 


BILK. 


FLAX. 


LINEN 
YARN. 


HEMP. 


WOOL, SHEEP'S. 


DYES. 


OILS. 




Raw 
Cossimbuzar 
(per pound). 


St. Peters- 
burg 
12-head 
(per ton). 


60'S. 

Ordinary 
Belfast 

(per 
bundle). 


St. Peters- 
burg 
clean raw 
(per ton). 


English 

Southdown 

(per 240 

pounds) . 


Port 

Phillip 

lamb's and 

fleece (per 

pound). 


South 
Australian 

lamb's (per 
pound). 


Logwood, 
Jamaica 
(per ton). 


Indigo, 

Bengal 

(per pound). 


Seal, 
pale (per 
252 gal- 
lons). 


Olive, 
Levant, 
Gallipoli 

(pertun). 


Palm 
(pertun). 


Petro- 
leum 

(per 
gallon). 




s. d. s. d. 


£ £ 


8. d. 


£ 


£ 


d. d. 


d. d. 


6. 8. d. 


s. d. 8. d. 


£ 


£ 


£ 


d. 


184.5-1850 


9 0@14 
11 7@14 6 


41© 47 
35 




82 
26 


13 
13 


12 ©22 
14 ©24 




87© 93 
112 6 


2 0@5 6 
5 7@7 


314 
28J 


44 
46 


32 
364 




Jan. 1,1879.... 


4 3 


13 ©18 


9 


Jan. 1,1880 


13 6@17 6 


33 


4 9 


254 


144 


18 ©23 


15 („ 22 


132 6 


7 0@8 9 


304 


46 


36} 


64 


Jan. 1,1881 


14 0@16 


29 


4 


23} 


is; 


17 ©20 


18 @21 


112 6 


7 0@8 1 


284 


42 


32 


9} 


Jan. 1,1882 


15 0©17 3 


30 


3 10-; 


261 


14 


18 @19 


17J(ii 19 


105 


6 7@7 8 


284 


40 


324 


5} 


Jan. 1,1883.... 


13 6® 15 6 


27 i 


3 7i 


234 


12 


is i.-'J'i 


18 (..'20 


105 


6 6@7 


354 


364 


37! 


7 


Jan. 1,1884.... 


12 6(311 6 


27 


3 74 


294 


124 


17 @18 


17 ®18 


105 


6 6@6 1 


324 


4o; 


43; 


74 


Jan. 1,1885 


8 0@12 6 


30 


4 14 


294 


11J 


16 <s 17 


16 ©18 


102 6 


5 6@6 3 


274 


40} 
Spanish. 


32 


74 


Jan. 1,1886.... 


9 0@12 6 


294 


3 104 


28J 


104 


16 ©17 


16 ©18 


96 3 


6 4@6 3 


24 


40J 


29 


64 


Jan. 1,1887 


14 0@16 
13 0@14 
12 6@12 9 


32 

27 
27J 


8 6 
3 3 
8 44 


284 


124 

114 
11 


22 @24 
21 ©23 
20 ©22 




105 
130 
130 


4 7@5 3 
4 6@5 2 
4 2@5 2 


204 
224 
23 


384 
364 


24} 
214 
284 


65 
64 
6*3 


Jan. 1,1888.... 




Jan. 1,1889.... 


















Good 


Cape, 










"IB 














Victorian, 


scoured, 


























scoured. 


superior. 














Jim. 1,1890.... 


12 6@13 9 

14 9@15 3 

13 


23 
23 
24 


S 44 
3 9 

3 104 


26 


12 

114 

12 


24 
20 

17} 




113 9 
117 6 
120 


4 2@4 10 
4 9@5 6 
4 3@4 4 


254 

26 

24 


374 
414 


25} 
164 
23} 


64 
5} 
5ft 


Jan. 1,1891.... 


184 
17 


Jan. 1,1892.... 


18 




Tsatlee, S, S. 


























July 1,1892.... 


13 3 


24 


8 8J 


26 


12 


184 


164 


122 6 


4 5@4 8 


23 


344 


23 


4 1 J 


Jan. 1,1893 


13 9 


23 


3 84 


23 


Hi 


17| 


174 


125 


4 5@4 8 


204 


364 


26 


4^ 


July 1,1893.... 


14 9 

Cossimbuzar. 


81 


4 3 


24 


114 


174 


16} 


145 


6 6@5 8 


244 


36 


26 


4 


Jan. 1,1894.... 


12 9 


31 


4 1J 


23 


114 


174 


164 


155 


6 11@6 2 


214 


35 


254 


3ft 


Jan. 1,1895 


9 9 
9 9 


31 
27} 


8 

3 2i 


24 
25 


10} 
11 


15} 
17} 


15 
15 


130 
130 


4 8@5 6 
4 5@4 10 


18 
234 


374 
34 


25 
224 




Jan. 1,1896 


64 


Jan. 1,1897.... 


8 9 


26} 


8 0} 


26 


104 


164 


15 


110 


4 8@4 8 


234 


29J 


23 


6ft 


Jan. 1,1898.... 


9 3 


234 


3 


25 


94 


19 


16 


101 3 


4 2@4 6 


234 


314 


23 


4J 


J.in. 1,1899 


10 9 


22 J 


2 104 


25 


9 


20 


18 


105 


3 0@3 6 


204 


304 


221 


6 


Jan. 1,1900.... 


16 


31 


4 


31 


114 


304 


27 


100 


4 2@4 7 


214 


34} 


26 


7 


July 1,1900.... 


14 


864 


4 44 


274 


9} 


22 ©24 


20 ©22 


100 


•!... 1 10 


244 


35} 


254 


6ft 


Jan. 1,1901.... 


11 9 


41} 


4 3 


254 


94 


17.;h in 


154@164 


90 


3 10@4 4 


244 


384 


28 


5} 


July 1.1901.... 


11 


394 


4 14 


26 


7} 


18 @20 


17 ©18 


100 


3 5@4 4 


25 


39 


254 


5} 


Jan. 1,1902.... 


11 


344 


8 74 


304 


7} 


194@20} 


17 ©18 


100 


3 5@4 4 


244 


87 


264 


&H 


Jan. 1,1903.... 


11 6 


314 


8 74 


26 


10 


23 ©234 


194 


87 6 


3 2@3 9 


244 


82 


28 


6* 


Jan. 1,1904.... 


12 6 


40 


4 3 


394 


10 


234 


194 


85 


3 10@4 


28 


811 


294 


65 



1904.] 



MOVEMENT OF WHOLESALE PRICES IB GREAT BRITAIN. 



4695 



Wholesale Prices of Commodities, mainly in London and Manchester — Average Six Years, 1S15-1S50, 

Selected Dates, 1879-190L — Continued. 





(hi) raw materials or manufacture— continued. 


(IT) METALS. 


COAL. 




28 


29 


30 


31 


32 


33 


34 


35 


36 


37 


3S 


39 


40 


DATES. 


TIMBER. 


TALLOW. 


LEATHER. 


SALT- 
PETER. 


ASHES. 


COPPER. 


IRON. 


LEAD. 


STEEL. 


TIN. 


STEAM 
COAL. 




Dantzic 
and Memel 

(per load). 


Canadian 
yellow pine 
"(per load). 


Town 
(cwt.). 


St. Peters- 
burg first 
Y.C. 
(cwt.). 


English 

butts 

25-36 (per 

pound). 


English 

refined 

(per 

cwt.). 


Canadian 

pearl (per 

cwt.). 


Tough 

cake (per 

ton). 


British 
bars (per 

ton j. 


Swedish 

bars (per 

ton). 


English 

pig (per 

ton). 


Rails 

heavy 

(per ton). 


English 

bais(per 

ton). 


Average 

at New- 
castle 
(per ton). 


1845-1850 


s. d. s. d. 
71 0@ 81 

!C 110 

15 no 

45 0® 90 
50 0@ 90 
50 0® 90 
50 I'-' 90 
!ii 0@ 80 
30 0© 80 

a o„. so o 

in (In. 80 

40 0... B0 

!•: ' 711 li 

in u... 7,". 1.1 
10 Hi.. 70 II 
30 0® 70 
;<> . To 
30 0® 60 
26 0(B 60 
30 0® 65 

40 li.:.. 70 
45 0® 90 

16 76 i) 

40 0® 80 
50 0® 80 
65 0® 76 
60 0® 82 6 
62 6® 87 6 
40 0® 70 
65 0® 85 

60 0®105 


s. d. j. d. 
65 0® 71 
85 0® 95 
80 0@100 

80 0(3)100 
80 0<§ 100 
70 0(3)100 
60 0@ 90 
70 O...105 
... 100 

E 90 

60 0® 80 
90 o... 110 
97 6@115 
75 0(3)110 
7.'. 0@100 
60 0®100 

60 o<a loo o 

70 0® 95 
72 6® 95 
92 6@115 

75 6@100 
60 0® 80 
70 0(3) 90 
110 0@125 
105 0@125 
120 0®135 
87 6@105 
85 0@ 95 
90 0® 95 
100 0@120 

95 6@125 


8. d. 


8. d. 

44 
36 6 

45 
39 3 
45 6 
49 
61 6 
41 6 
35 

31 

32 
38 6 

38 6 

39 
43 
45 
45 
48 
48 
48 

Aslrln. 
mutton. 

21 0@23 6 
21 6®22 
21 6@22 6 
21 0(3 23 6 
26 o... 28 

25 ui.. 27 :>. 

26 6@28 9 
24 6@28 6 
30 9(3 35 
34 0@37 6 

27 6 


d. d. 
13@23 

191..33 
18(5 33 

1 ■ :: 
18® 32 

18 ■ 12 

I - i "j 
19®33 
17@33 
n;,,..::: 
15® 33 
r ■ ■ 
14@33 
Hi,. 33 
Hi.. 33 
12... ::i 
12@34 
1?®34 
12@30 
12@30 

II , 
16@34 
lf„.,::l 
16@34 
13@26 
13@28 
13@24 

13I..21 
13@24 
13i._. 28 

13@2S 


s. s. d. 

26@28 
24 3 
26 9 

28 3 

29 3 
26 
24 3 
22 6 
21 9 
21 
41 4} 
21 a 
21 9 
21 9 
21 3 
21 6 

20 10} 

21 3 

21 6 

22 9 

21 6 
21 9 
20 

20 9 
20 6@21 6 
20 6@21 6 
20 6@21 6 

21 
21 
21 

20 6 


s. s. d. 

31 
36 
S3 3 

36 

40 
50 6 

52 6 
29 

41 
47 6 
45 6 
38 

53 

42 
45 
45 
45 
45 

43 

38 9 

37 6 

34 
87 

33® 34 

32 

33 

35 

36 

41 

39 

42 


£ 
88 
63J 

71 J 

66} 

751 

70} 

62.1 

63 

44 

42} 

804 

78} 

56} 

58} 

48} 

4S| 

51 

48 

46} 

43} 

45J 

52} 

50} 

69 

75 

76} 

77 

73 

59 

53} 

693 


£ 

8 

6j 

7« 

6} 

6! 

6 

6} 

6 

5} 

5 

5i 

51 

8} 

78 

6} 

0| 

6! 

6 

6 

6 

6} 
61 
6i 
6| 
9? 
10 
71 
6} 
6} 
6} 

6} 


£ 

118 
9} 

10} 
9} 

10} 
9} 


£ 

17} 
145 
198 
15} 
155 
14} 
12} 

m 

124 

12!8 
15}g 
13} 
14ft 

13J 
in 

Hi 
10} 
9ft 

m 

9} 

lift 

11} 

12} 

13A 

165 

17} 

16ft 

12*8 

10} 

11 

lift 


£ 


£ 
81 
65} 
94 
94 

in; 

98 
88} 
77} 
97 
103} 
148 
101} 
103 


s. <(. 


Jan. 1,1879 




5} 

8} 

6} 

6} 

5} 

4} 

4} 

4} 

4ft 

4ft 

m 

4ft 

4* 

4 

3} 

35 

35 

4} 

43 

4} 

4} 

7 

7} 

6 

5} 

6} 

6} 

4} 


8 6 


Jan. 1,1880 




8 8 


Jan. 1,1881.... 
Jan. 1,1882.... 
Jan. 1,1883.... 
Jan. 1,1884 


36 
43 
43 6 
42 9 
35 3 

26 3 

27 

26 3 
34 6 

27 
27 
27 9 
27 9 

27 9 
80 6 
29 9 
23 

23 

20 9 

21 6 
21 6 

28 3 

24 3 
27 6 

26 9 
80 6 
32 9 

27 6 


9 1 
9 3 
9 6 
10 


Jan. 1,1885 

Jan. 1,1886... 




10 6 




8 3 






7 6 


Jan. 1,1888.... 
Jan. 1.1S89.... 
Jan. 1,1890.... 
Jan 1 1891 




7 6 




8 


10| 
9} 
8} 


11 6 

12 9 


Jan. 1,1892.... 
July 1,189? 
Jan. 1,1893.... 
July 1,1893.... 
Jan. 1,1894.... 
Jan. 1,1895.... 

Jan. 1,1898.... 
Jan. 1,1897.... 
Jan. 1,1898.... 
Jan. 1,1899.... 
Jan. 1,1900.... 
July 1,1900.... 
Jan. 1,1901.... 
July 1,1901.... 
Jan. 1,1902.... 
Jan. 1,1903.... 

Jan. 1,1904.... 


90} 
106} 
96 
89 
79} 
67} 

65} 
63} 
67} 
86} 

109 

149 

124 

132} 

106 

118} 

133} 


10 
9 10 


8} 

!' 

75 

8 

95 

9 

9} 

12} 

13 

10} 

9} 

9} 

9} 

Scotch 
pig. 

£2 9s. Id. 


8 11 

8 7 
10 6 

9 6 

8 

7 9 

8 3 

10 

11 6 
17 6 
13 9 
13 
11 9 
11 6 

9 6 



No. 12- 



4696 



MOVEMENT OP WHOLESALE PEICES IN GREAT BRITAIN. 



[JUXE, 



Wholesale Prices of Commodities, mainly in London and Manchester — Average Six Years, 1S15-1S50, 

Selected Dates, 1879-1901 — Continued. 





(VI MANCHESTER MARKETS. 


(VI) BANK RETURNS AND RATE OF INTEREST. 




41 


12 


43 


44 


45 


46 


47 


48 


49 


50 


51 


52 


53 


54 


DATES. 


RAW COTTON. 


YARN. 


COTTON CLOTH. 


BANK-NOTE CIRCULATION. 


RATE OF INTEREST 
PER ANNUM. 


RESERVE OF BANK OF 
ENGLAND. 




Upland 
mid- 
dling 

pound). 


Upland 
mid- 
dling, 

fair 

pound). 


Surat, 

Dholl., 

iair 

pet 

pound). 


Per- 
11:1111- 
buco, 

fair 

pi [ 

pound). 


Mule No. 
40, fair, 
second 
quality. 


Printers' 
26 in.. 66 

reed, 

29 yards, 

I pounds2 

ounces. 


Gold-end 

r 1. 374 

yards, 8 

pounds 12 

ounces. 


Bank of 
England. 


Country 
banks, 
Great 

Britain. 


Total. 


Bank of 
England 

disc 

rate 
(per 
cent). 


Lombard 
street 
(per 
cent). 


Total 
bullion. 


Banking 
depart- 
ment. 


i0 

Jan. 1, 1879 ... 
Jan. 1,1880.... 
Jan. 1,1881.... 
Jan. 1,1882.... 
Jan. 1, 

Jan. 1,1884.... 
Jan. 1,1885.... 
Jan. 1,1886.... 
Jan. 1, 

Jan. 1,1 — 
Jan. 1, 
Jan. 1, i 
Jan. 1 

Jan. 1. I- 1 ." 

July 1,1892 
Jan. 1, : 
Julv 1,18 13.... 
Jan. 1,1894.... 

1 1895 

Jan. 1,1896.... 
Jan. 1,1897.... 
Jan. 1, 1 av... 
Jan. 1,1899.... 
Jan. 1,1900.... 
July 1,1900.... 
Jan. 1,1901.... 
July 1,1901.... 

Jan. 1,1903.... 
Jan. 1,1904.... 


d. 

5J 

51 

61 
6i 

5} 

6 

6 

'•; I 

5i 

63 

5| 

58 

41 

'It's 

58 

IA 

48 
3A 

4i 

4 A 

SJ 

3| 

4A 

5i 

58? 

41; 

4.54 

6.96 


d. 
54 

7. 1 

7 

7 

6r 

«l 

6A 

£A 

5J 
51 

5A 
J. 
1 ' 
' 

of 
4A 

48 
'-• 7 

°33 

4JJ 
4 A 

38 
3A 

•1.1 

5§4 

-1 - i 
4. 68 
7.34 


d. 
5S 
4 

53 
58 

a 

31 

4 
41 

3f8 

8A 

4 A 
*A 

3A 

»i 

3} 
3 A 
2j 

3A 
2J5 
2A 

3A 

48 

*A 
38 

5A 


d. 
8J 

5} 
7| 

J A 

68 
6j 
0; 
5| 

6 
6A 

51 
45 

5 A 

-•I J 

41 
38 

4? 
3H 
3A 

48 

5A 

5} 

5 

M% 

7.42 


d. 
91 
8 J 

101 

101 

101 

91 

91 

91 

81 

• 

81 

91 

9 

94 

8 

71 

88 

B* 

78 

68 

75 

61 

m 

8 

7A 
98 


s. d. 
4 71 

3 104 

4 
4 78 
4 74 
4 4 
4 

3 105 

4 l; 
4 li 
4 
4 U 
4 li 
4 
3 9 
3 
3 104 
3 71 
:; 6 
3 
3 3 
3 

2 10J 

3 

3 11 

4 5 
4 10 
4 6 
4 7 
4 5 

all 78 


s. d. 
8 10 
8 

8 

9 
9 9 
7 104 
7 9 
7 41 
7 6 
7 4 
7 9 

7 9 

8 li 
8 H 
7 9 

7 a 

7 104 

7 1 
7 4i 

6 

7 
6 li 
6 

6 SJ 

7 10 

8 7 

9 3 
7 6 
7 8 
7 7 
7 2 


£ 

20, 400, 000 

27,200,000 

26, 100,000 

26 1 i i, 

25,100,000 

21,501.1.1100 
24,800,000 

24,700,000 
25, 100,000 
25,700,000 

27, ."' 1, 

25,900,000 

25, 700,000 

25,9 10, 

j.;. :» lo.ono 

211,700,000 

28,100,000 

■ 

30 2 i'M 

3 10,000 

30,800, 

29,200,000 
28,800, ' 


£ 

10, 300, 000 
10,300,000 
9,300,000 

11, ;,no,oi'0 
8, 900, 000 

'- 11 ' ' 

0, Jim. II 

a.::, n i.i mo 

9 
9,000,000 

' 

8,; ,o hi 

8,700,000 

9, 000, 000 
8, 900, 000 
8,100,000 
9, 400, 000 
9,600,000 
9, 700, 000 

9 200, 

9,200,000 
9,900,000 


£ 

... 
36,700,000 
35,300,000 

36,100,000 

■ 



S3, 700, 000 
33,200,000 

3:1. 2i in. in "J 
34,300,00 i 
34,700,000 
36,200,000 
:, .. 100,000 

31.200,000 

31, ,000 

35,500, ' 

35, GOO, 000 
36,2 i ' 000 

, " 
37, 900, 000 
39, 900, 000 

39,60 ' : 

-' 

38, 100,000 
3S, 700, 000 


£ 

31 

5@3 

2@3 

3@38 

5®6 

5@4 

3 

6 

4 

5 

4 

5 

6 

5 

38 

2 

3 

01 

i' 

2 

2 

4 

3 

4 

6 

3 

4 

38 

4 

4 

4 


£ 
38 

r ■.-. 

. ■ 

3|@6 

3i@3i 

21@3 
48 
38 
31 
2 1 
38 
48 
31 
2| 
8 
18 
18 
li 
I 
1 
3 
21 
28 
58 
2A 
41 
21 
38 

3A 

38 


£ 
14,400,000 
28,101 

37,1,1.0,(100 

24,200, 

20,300,000 
100,000 
21,400,000 
211.700,000 
20,100,000 
19,300,000 
20, 209, 000 

19, 1 10,000 
17.700,000 
23, 51 ■ 

M '0,000 
27, '.' 1 
24,400,1 

20, TOO, 1100 

24,800,000 

33,1' 0,000 
45,000,000 
34,21 0,000 
31,20 

30,801,000 
32, 1' 

33,600,000 
28,700,000 

38,400, 

32, 600, 000 
30, 700, 000 
28,900,000 


£ 
8, 500, 000 
10,300, J 

14.80 '. i 

12 3i 000 

9,800,000 
1 

11,600,006 
11,200,000 

11. ."'"I 

11,1 ■ . i iM 
9, 300, 000 

14.81 0,000 

16, 400. 000 

15,600,000 

35, 300, 000 

24,30 '. 

19, 900, 000 
19,400,000 

21,200,000 

| 
20. ll M. 000 

19,700,000 



o 36-inch sheeting, 76 yards 19x19 32's and 40's. 



WHOLESALE PRICES, 1845-1903— PROPORTIONATE RESULTS. 

Deduced from the preceding tables on the basis of representing by the number 100 the average prices of the 
six years 1845-1850. 

The construction is as follows: The basis of 100 represents the average prices of the six years 1845-1850, and 
all the subsequent figures are calculated from that datum line. Thus as regards coffee (column 1), the price of 
1st July. 1857, was equal to 151, or 51 per cent above the average prices of 1S45-1S50. In order to ascertain the 
percentage rise or fall between one date and another — as, for example, coffee — compaiing 1st July, 1S57, when 
the figure was 151, with 1st January, 1894, when the figure was 179, or a difference of 28, the rise per cent has 
to be measured with the quantity 151, and given, of course, a result of 23 per cent as the real advance. In the 
course of so long a period of years since 1815 some variations have inevitably arisen in the mode of quoting prices 
in the usual Prices Current. In all such cases the nearest approach possible has been made to a uniform quota- 
tion throughout the table. In raw cotton especially there have been considerable changes of qualities introduced 
by the large use of Indian and Egyptian kinds. In tea, sugar, and wool also changes have occurred in the kinds 
most usually quoted. 

[The column "Total index number" is the total for each date of all the percentage columns except that of 
the "Bank-note circulation." The "Total index number" does not, of course, present a full and accurate repre- 
sentation of the variations of prices, inasmuch as it can not allow for the relative importance of the different articles. 
Wheat, for example, reckons for no more in the "Total index number" than indigo: and during the years of the 
high price of cotton and cotton fabrics the total index number is, in a measure, unduly raised by that special 
cause. Still the total index number, read with the needful qualifications, may afford important inferences.] 



1904.] 



MOVEMENT OF WHOLESALE PRICES IX GREAT BRITAIN". 
Wholesale Prices, 1845-1904 — Proportionate Results. 



4697 





1 


2-3 


5 


C 


8 


10-13 


41-44 


15 


16, 18 


19-20 


23 


21 26 


DAI ES. 




-'i.Mr. 


Tea. 


Tobacco. 


Wheat. 


Butchers' 

meat. 


Raw 
cotton. 


Silk, raw. 


Flax and 
hemp. 


Shi ep'a 
wool. 


Indigo. 


Oils. 


1845-1850 


100 
151 
134 
151 
106 
9 

85 
132 
166 

17 J 

1st; 

19 ' 
1. 1 
17.; 
185 
170 

179 
1?.' 
179 
LOG 
175 

172 
161 

11 ! 

i l 
85 

Ml 

Ml 

SO 

■ 

75 


100 
123 
83 
70 
54 
37 

50 
38 
49 
50 
42 

44 
30 
39 

42 
36 

39 
50 
37 
37 
23 

SO 
27 
27 
29 

31 

36 
31 
32 
29 
30 
32 


100 
162 

1112 
111 
'.'■2 

78 

93 
73 
64 

7a 

06 
70 
' ) 
60 
59 

68 
67 
61 
54 
62 

55 

■la 
49 
7" 
78 

67 
68 
67 
67 

60 
60 


100 

210 
167 
180 

21 ' 
228 

216 
200 

21! 
2J7 
222 

211 
214 
244 
211 
211 

211 

2 ; i 

2:::: 
2 ! 

233 

2 13 
233 

183 

177 
177 
17U 
166 
170 
190 


100 
118 

88 
7a 
60 

57 
66 
58 
57 
56 

61 
ill 
71 
70 
56 

4S 
50 
50 
45 

...i 

47 
8 
65 
51 
47 

49 
50 
51 

52 
47 
50 


100 
Ilia 
123 
119 
123 
122 

106 
112 
108 
100 
123 

125 
126 
134 
131 

124 

119 

122 
1 1 

132 
140 

136 
' 1 
131 
132 
136 

144 
136 
132 

135 

Hi 
131 


95 

173 
110 
92 
93 

so 
■ 

20 
91 
92 

100 
182 
73 
73 
66 

83 
70 
CO 
62 

48 

70 
65 
62 
55 
69 

85 
8 7 
69 
72 

73 
110 


100 

2111 
171 

135 

117 
89 

93 

I a 

117 
110 
111 

111 
130 

121 

113 

115 

120 
128 

II I 
' 

85 

77 
81 
93 

139 

122 
102 
96 
96 

11.10 

108 


100 

121 

116 

78 

76 

78 

76 

79 
66 
' ' 
64 

63 

i 

67 

65 

i 

62 
72 
71 
72 
72 

09 
70 
66 

at 
SI 

81 

85 
8,; 
76 
105 


100 
116 
96 
117 

98 

92 

90 
116 
111 
107 
120 

105 
102 

Kin 

98 

101 

91 
94 
94 

87 
88 

96 

an 
'.'7 
98 
111 

109 

'.'I 
92 
91 
111 
112 


100 
121 
161 
205 
151 
157 

153 

131 
129 
125 

120 

121 
]::: 
130 
114 
121 

121 
1 IS 
161 
l 52 
136 

123 
119 

lis 

8, 

11a 

118 

109 

103 

103 

:<- 

104 


1' 


Julv 1.1S57 

Jan. 1,1870 

Jan. 1,1 ISO 

Jan. 1,1884 

Jan. 1,1885 

Jan. 1.1S8G 

Jan. 1,1888 

Jan. 1,1889 

Jau. 1,1890 

Julv 1,1890 

Jan. 1,189] 

July 1,1891 

Julv 1,1892 


111 

.I 

106 

110 

193 

86 
76 

74 
-2 

82 
SS 

86 

8., 

8,; 
62 


Jan. 1,1893 

.l:m. 1, 1894 

July 1. 1-. '1 

Jan. 1, 1895 

Jan. 1,1S9G 

Jan. 1,1897 

Jan. 1. 1899 

Jan. 1. 1900 

Julv 1,1900 

Jan. 1 19 1 

Julv 1,1901 

Jan. 1. 1902 


76 
80 

7'. 
74 
7.S 

74 
71 
73 

as 
76 

79 
8 1 

82 
82 

79 


Jan. 1,1904 


E I 




28-29 


30 


31 


34 


35 36 


37 


39 


44 


45 


46-47 


Total 

index 

number. 


Total 
niiia circu- 
lation, 
1 Brit- 
ain. 


dat;:-. 


Timber. 


Tallow. 


Leather. 


Copper. 


Iron. 


Lead. 


Tin. 


Cotton 
wool, Per- 

nambuco, 

only. 


Cotton 

yarn. 


cloth, 


1845-1850 


ion 
105 

9'.' 

id:, 
100 
102 

92 
86 
80 
111 
115 

101 
106 

l'K, 
100 

9'' 
sx 
84 
89 
105 

98 
95 
94 

]_•;: 
127 

137 

116 
115 
103 
128 

134 


100 

147 
105 
102 
113 
87 

70 
60 
73 
87 
75 

77 
80 
82 
105 
107 

107 
101 
109 
103 
99 

91 
87 
91 
91 
119 

102 
116 
113 
12S 
138 
113 


100 
150 
128 

1 14 
139 

111 

142 
136 
133 
130 
130 

130 
Mil 
130 
130 
128 

128 
128 

117 
117 
117 

139 
139 
139 
139 
108 

114 
103 
103 
103 
114 
114 


100 
l.;: 
83 
81 
71 
60 

50 
48 
91 
89 
64 

68 
66 
66 

: 

66 

58 
54 
52 
46 
49 

52 
59 
57 
67 
85 

87 
87 
83 
67 
61 
68 


100 

121 

68 

92 

69 

75 

66 
62 
67 
70 
109 

100 

87 
75 
78 
78 

78 
72 
71 
71 
69 

73 

81 

77 

80 

110 

111 
93 
80 
80 

82 
79 


100 
1 13 
109 
112 
70 
65 

72 
74 
90 
76 
82 

75 

76 
74 
66 
64 

58 
54 
55 
53 
56 

66 
67 
72 
74 
101 

101 
94 
73 
61 
63 
65 


100 
166 
138 

1(9 

101 

90 

113 
120 
173 
118 
120 

US 
111 
113 
106 
125 

112 
101 
93 
87 
79 

77 
74 
79 
100 
110 

151 
145 
155 
124 
139 
I.. . 


100 
97 

114 
88 

71 
75 

65 

6 

70 

72 
75 

80 
70 
64 
59 
52 

61 
47 
53 
51 

42 

67 

55 
45 
43 
56 

67 
71 
61 
58 
58 
90 


lull 

126 

154 
110 
99 

100 

183 
86 
90 
93 
92 

100 
97 
S7 

82 

78 

85 
83 

72 

72 
64 

76 
71 
69 
70 
82 

90 
91 
83 
74 
74 
99 


100 
113 
135 
95 
88 
80 

S'l 
84 
87 
88 
91 

92 
S9 
85 
84 
79 

85 
81 
81 
75 
67 

76 
OS 
66 
69 
87 

96 
105 
85 
91 
S9 
110 


2200 

2689 

2221 
209S 

2023 
2059 

2230 
2187 
2236 

2259 
2224 
2190 
2133 

2120 
2105 
2082 
1974 
192 1 

1999 
1950 

1918 

21 IS 

2211 

2121, 
.'"H7 
1918 
2003 
2197 


100 


Julyl, 1857 

Jan. 1,1870 

Jan. 1,1880 

Jan. 1,1884 

Jan.l.lSSo 

Jan 1,1886 

Jan. 1,1887 


101 
110 
120 
110 
112 

110 
110 


Jan. 1, 1890 

Julyl, 1S90 

Jan. 1,1891 

July 1,1891 

Jan.l, 1892 


107 
108 

113 
112 

111 


Julyl, 1892 




Jan. 1.1*9.5 

Jan. 1,1894 

Julyl,ll'J4 

Jan.l,lS95 

Jan. 1,1896 

Jan. 1,1897 


114 
112 
111 

lis 
113 

111 
116 

11< 
121 
123 

126 
1 1 
125 
1 
125 
126 


Jan. 1,1899 

Jan. 1,1900 

Julyl, 1900 

Jan. 1,1901 

July 1,1901 

Jan. 1,1602 T. 

Jan. 1,1903 

Jan. 1,1904 



Relative prices in the United States for the years 1840-1903, in the tallies following, have been worked out 
on two different bases. For the period from 1840 to 1891, covered by the Aldrich report, prices were calculated 
from the level of the year 1S60 as a basis. For the period between 1890-1903, covered by the Department of 
Labor, the calculation was made on the basis of the average price for the period 1890-1899. In each case 100 has 
been taken as the starting point, to show the rise or fall from this assumed level. Each one of the results is 
given separately, inasmuch as each included a different number of commodities in its calculation, besides working 
from different bases. 



COURSE OF RELATIVE PRICES IN THE UNITED STATES. 



ALDRICH REPORT ON COURSE OF RELATIVE PRICES FROM 1840 TO 1891, INCLUSIVE. 

In the following- table of relative prices of groups, the prices of the year 1SG0 are taken as a basis (=100), 
and the rise or fall in price from this given base is expressed in form of relative prices or percentages. By this 
means the comparison of a large number of objects varying greatly in units of measurement as well as in price 
is rendered possible. The relative price of a group represents a simple arithmetical average of relative prices 
for all the articles constituting the particular group. Thus, for instance, in the case of group "Food" the sum 
of the relative prices for all the commodities constituting this group for the year 1891 — 5,507.1 — was divided by 
the number of articles comprised in this group — 53. The result of this division— 103.9 — represents the relative 
price for this group. The relative price for all articles is found in a similar manner by dividing the sum total of 
all relative prices by the total number of articles. 

Relative Wholesale Prices in Gold, by Groups of Articles, 1S40-1S91. 
[From Senate Report No. 1394, second session Fifty-second Congress.] 











GENERAL AVERAGE 


PRICES. 








YEARS. 


Food. 


Cloths ami 

clothing. 


Fuel 
and light- 
ing. 


Metals 
and imple- 
ments. 


Lumber 
and build- 
ing 
materials. 


Drugs 
and chem- 
icals. 


Qouse- 

lumishing 
goods. 


Miscella- 
neous. 


All 
articles. 


1840 


96.6 
94. 4 
82.9 
79.3 
81.6 
87.3 

94.6 
91.7 
83.5 
79.0 
85.5 

90.6 

8s. 7 

101.2 

105.9 

111.8 

110.4 

117.5 

94.6 

98. 8 

100.0 

95.8 

107.7 

91.7 

106. 6 

100.1 

124.1 

121. S 
118.6 
120.1 
126. S 

152.9 

122. 2 

lift. 2 
118.0 
116.0 

109.1 
113.S 

105. ft 
97.6 
107.6 

110.9 
118.8 
118. S 
108. 9 
98.7 

99.5 
104.2 
109.4 
111.9 
104.6 
101.9 


110.7 
113.4 
100.9 

99.9 
105.0 

97.1 

95.3 
97.6 
87.5 
82. 2 
91.3 

94.7 
88.7 
98.6 
97.4 
94.7 

100.6 
106.0 
98.0 
101.1 
100.0 

94.9 
121.1 
132.0 
167.7 
138.4 

161.7 
1S3.7 

106.0 
108. S 
114.9 

120. 4 
131.1 

121. 5 
114.8 
106.8 

95.3 
95.9 
91.9 
91.1 
104.5 

99.9 
98.7 
94.8 
88.9 
84.8 

85.1 
84.7 
84.7 
83.6 
82.4 
81.1 


395.8 
208.9 
202.0 
187.5 
119.7 
239.6 

143.8 
110.7 
106.1 
100.0 
102. G 

97.3 
93.5 
101.6 
106.8 
121.1 

126.4 
113.3 
1U.4 
98.8 
100.0 

103.5 
94.8 
73.8 
115.9 
110.0 

200.2 
145.8 
157.9 
152.5 
162.0 

130.2 
136.8 
119.4 
134.3 
139.1 

128.2 
101.7 
91.7 
95.3 

100. 2 

113.7 
110.1 
114.2 
102.4 
89.6 

86.2 
88.6 
94.9 
95.3 
92.5 
91.0 


123. 5 
123.7 
US. 7 
111.7 
133. 3 
110.8 

llfi. 9 
120.6 
119.7 
121.9 
114.8 

119.2 
117.7 
122.8 
125.6 
117. S 

115.3 

110.4 
101.3 
100.1 
100.0 

102.5 
114.3 

96.5 
115.6 

88.5 

122.1 
119.8 
10S.7 
104.2 
105.4 

110.4 

117.3 
115.2 
108.7 
101.4 

96.1 
94.2 
90.8 
88.4 
96.3 

91.1 
91.2 
87.5 
81.0 
77.4 

75.8 
74.9 
74.9 
72.9 
73.2 
74.9 


110.0 
111.8 
108.8 
105.4 
103.0 
106.7 

106.2 
108.2 
105.3 
97.6 
102.2 

97.2 
100.4 
103.2 
114.1 
103.4 

102.8 
105.0 
103.8 
98.7 
100.0 

108.9 
14ft. 6 
122.1 
142. 3 
84.2 

133.4 
132.8 

125. 8 
122.3 
122.3 

136.8 
153.0 
152. 5 
139.0 
127.7 

121.7 
118.5 
lift. 2 
lift. 1 
130.9 

131.3 
137.5 
134.3 
129.5 
126.6 

128. 5 

126. 5 
124.8 
124.0 
123.7 
122. 3 


145. S 
141.3 
131.6 
121.4 
119.7 
121.0 

123.9 
112.5 
113.0 
111.0 
123.6 

125. 8 
111.8 
107.0 
110.7 
129.2 

135.5 
126.8 
116.0 
104.2 
100.0 

101.3 
113.6 
10L0 
109.5 
125.6 

164.3 
156. 9 
128.4 
118.7 
123.3 

125. 9 
122.8 

125.6 
131.8 
128.2 

10S.0 
lift. 2 
112.6 
110.9 
113.1 

110.4 
107.6 
98.1 
95.7 
86.9 

83.9 
83.6 
86.0 

8s, 8 
87.9 
86.3 


116.4 
116.4 

lit;. 4 

100.3 
102.3 
102.3 

111.0 
120.3 
121.7 
120.5 
125.6 

120.0 
111.9 

lis. 7 
121.2 
121.2 

115.5 
11G.8 

ins. 7 
103. 2 
100.0 

96.8 
87.3 
84.8 

105.9 
83.8 

132.3 
IIS. 2 
97.4 
89.0 
100. 2 

116.1 
112.9 
96.8 
98.3 
84.4 

77.3 

74.4 
73.3 
68.6 
85.2 

77.6 
78.1 
77. 5 
76.3 
70.1 

68.4 
66.4 
66.9 
70.0 
69.5 
70.1 


147.1 
147.1 
170. 6 
23. 5 
129. 5 
111.8 

111.0 
121.7 

12.5.6 

11.19 s 
107.7 

102.7 

n» i. :. 
109.2 
108. 4 

ns.a 

121.6 

110.0 

97.1 

Km, s 

100.0 

105.7 
11. VI . 2 
89.0 
99.3 
93.8 

122. 1 
119.9 
118.5 
119.7 
122.6 

134.4 
121.6 
117.5 
110.5 
109.2 

101.2 
111.3 
110. 2 
102. 1 
109.8 

108.8 
114.6 
117.3 
111.9 
97.5 

91.3 
88.6 
89.3 
88.8 
S9.7 
95.1 


116.8 


1841 


115.8 


1842 


107.8 


1843 . 


101.5 


1844 


101.9 


1845 


102.8 


1846 


106. 4 


1847 


106.5 


1848 


101.4 


1849 


'.i-.. 7 




102.3 


1851 


105. 9 


1852 


102.7 


1853 


109. 1 


1854 


112.9 


1S55 


113.1 


1856 . 


113.2 


1857 


112.5 




101.8 




100.2 




100 o 




100.6 




114.9 




102 1 




122.5 


1865 . 


100.3 




130.3 




127.9 




115.9 




113.2 




117.3 




122. 9 




127.2 




122.0 




119.4 




113.4 




101.8 
114 4 
99.9 




96.6 




100.9 




105.7 




10S. 5 




106. 




99.4 




93.0 




91.9 




92.6 




94.2 




94.2 




92.3 




92.2 







4698 



[June, 1904.] 



MOVEMENT OF WHOLESALE PHICES IN THE UNITED STATES. 



4699 



BUREAU OF LABOR REPORT ON COURSE OF RELATIVE PRICES, 1890-1903. 

Iii the following table similar commodities have been grouped and the, average of the relative prices .shown 
for the commodities in each subgroup and in each of the nine general groups. The averages in all cases were 
found by dividing the sum of the relative prices by the number of commodities in the group under consideration. 
It should be borne in mind constantly that the term "commodity" as a unit is used here in a specific sense, 
"native" and "Western" sheep, for example, being considered different commodities. The method of securing 
a\ erage relative prices in this and other tables was as follows: The average relative price of cattle was found by 
adding the relative prices of the two grades of cattle and dividing the sum by 2. The average for hogs was found 
in the same manner, and also the average for sheep. The average for live stock was found by dividing the sum 
of the relative prices of the two grades of cattle, the two grades of hogs, and the two grades of sheep by 6, the 
total number of different descriptions of commodities or series of quotations in the live-stock group. The aver- 
age relative prices of each of the nine general groups were found by dividing the sum of the relative prices of 
the different descriptions of commodities for each year by the number of these commodities or series of quotations 
considered in that year. The sum of the relative prices in 1890 of the commodities shown under the general 
group, "Food, etc.," for example, is 5,958.2, which amount divided by 53, the number of different descriptions 
of commodities or series of quotations considered that year, gives 112.4 as the average for the group "Food, etc.," 
for 1890. For 1893 to 1903, fiftj^-four commodities are quoted in this group, and that number is accordingly the 
divisor for each of those years. 

The average relative prices of each of the nine general groups for each year of the period, and the average 
relative prices of all commodities for each yeav, are shown in the following summary: 

Summary of Eelative Prices of 261 Commodities, 1890-1903, by Groups. 
[Average price for 1890-1E03=100.] 





RELATIVE PRICES. 


YEARS. 


Farm 
products. 


Food, 
etc. 


Cloths 

a nd 

clothing. 


Fuel nnd 
lighting. 


Metals 

and 
imple- 
ments. 


Lumber 
and 

building 
mate- 
rials. 


Drills 
and 
chemic- 
als. 


House- 
furnish- 
ing 
goods. 


Miscel- 
laneous. 


All com- 
modities. 


1S90 


110.0 
121.5 
111.7 
107.9 
95.9 

93. 3 
78.3 

85. 2 

'.v.. 1 
100.0 

in:..;, 
116.9 
130.5 
118.8 


112.4 
115.7 
103. 6 
110.2 
99.8 

94.fi 
83.8 
87.7 
94.4 
98.3 

104.2 
105.9 
111.3 
107.1 


113. 5 
111.3 
109.0 
107. 2 
90.1 

92.7 
91.3 
91.1 
93.4 
96.7 

10c. s 

101.0 
102. 
106.6 


104.7 
102. 7 
101.1 
100. 
92 i 

98.1 

101.3 

96.4 

95.4 

105.0 

120.9 
119.5 
134.3 
149.3 


119.2 
111.7 
106.0 
100.7 
90.7 

92.0 
93.7 
86.6 
86.4 
114.7 

120. 5 
111.9 

117.2 
117.6 


111.8 
108.4 
102.8 

101.9 
96.3 

94.1 
93.4 
9H.4 
95.8 
105.8 

115.7 
110.7 
118.8 
121.4 


110.2 
103.6 
102.9 

100.5 
89.8 

87.9 
92.6 
94.4 
106.6 
111.3 

115. 7 
115.2 
114.2 
112.6 


111.1 
111). 2 
106 5 
104.9 
100.1 

'.1.;. 5 

91.0 
89.8 
92.0 

95. 1 

100. 1 

112.2 
113.0 


110.3 
109.4 

106.2 

in. 9 

99 8 

91.5 
'.'1.4 
92.1 
92.4 
97.7 

109. S 

1(17.4 
114.1 
113.6 


112.9 


1891 


111.7 


1892 


106.1 


1893 . 


105. 6 


1894 '. 


96.1 


1 8! 15 


93.6 


1896 


90.4 


]V>7 


SO. 7 


1898 


93.4 




101.7 


1900 


110.5 


1901 


ins 5 


1902 


112. 9 




113.6 







In this table the average relative prices of farm products are based on 16 articles.; of food, etc., on 53 articles 
from 1890 to 1892, and 51 from 1893 to 1903; of cloths and clothing, on 70 articles in 1890 and 1891, 72 in 1892, 
73 in 1893 and 1894, 75 in 1895 and 1896, and 76 from 1897 to 1903; of fuel and lighting, on 13 articles; of metals 
and implements,' on 37 articles from 1890 to 1893, 38 in 1891 and 1895 and from 1899 to 1903, and 39 from 1896 
to 1898; of lumber and building materials, on 26 articles from 1S90 to 1891, and 27 from 1895 to 1903; of drugs 
and chemicals, on 9 articles; of house furnishing goods, on 11 articles, and of miscellaneous, on 13 articles. The 
average relative prices of all commodities are based on 251 articles in 1890 and 1891, on 253 in 1892, on 255 in 

1893, on 256 in 1891, on 259 in 1895, on 260 in 1S96 and from 1899 to 1903, and on 261 in 1S97 and 1898. 

A study of the table shows that the group of farm products reached the lowest average in 1896 and the 
highest in 1902; that of food, etc., the lowest in 1896 and the highest in 1891; that of cloths and clothing, the 
lowest in 1897 and the highest in 1890; that of fuel and lighting, the lowest in 1891 and the highest in 1903; 
that of metals and implements, the lowest in 1898 and the highest in 1900; that of lumber and building materials, 
the lowest in 1S97 and the highest in 1903; that of drugs and chemicals, the lowest in 1895 and the highest in 
1900; that of house-furnishing goods, the lowest in 1897 and the highest in 1903, while in the miscellaneous group 
the lowest average was reached in 1896 and the highest in 1902. The average for all commodities combined was 
the lowest in 1897 and the highest in 1903. Of the nine groups it is seen that one reached its lowest point in 

1894, one in 1895, three in 1896, three in 1897, and one in 189S. The highest point was reached by one group in 
1S90, by one in 1891, by two in 1900, by two in 1902, and by three in 1903. 



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